Thousands of jobs could be at risk in wake of NAMA?

[mmrebel]

IBOA, the Finance Union, is seeking clarification from the Government on the likely impact of the creation of the National Asset Management Agency (NAMA) on the jobs of the Union’s 23,000 members in the financial services sector.

“We understand that, in and of itself, NAMA will not have a significant effect on employment in the sector since bank staff will continue to be involved in managing assets on NAMA’s behalf. But, once the transfer of toxic assets from the financial institutions to NAMA gets under way, it opens up the possibility for a major consolidation of the sector through mergers, acquisitions or closures,” said IBOA General Secretary, Larry Broderick.

“The Minister for Finance already has significant powers in this regard under the legislation which extended the State guarantee last September. The draft legislation on NAMA published last week confers additional powers on the Minister – which could greatly facilitate the consolidation process.

“We recognise that some reconfiguration of the financial services sector may be necessary after these toxic assets have been removed from the balance sheets of these institutions. However, IBOA is concerned that consolidation could be used as a pretext by senior managements to pursue an opportunistic cost-cutting agenda putting thousands of jobs at risk.

“Up to 750 jobs in the Ulster Bank Group are being sacrificed because of the reckless policies pursued by senior management in Ulster Bank’s parent company, RBS. We are concerned that other institutions may be lining up to follow suit – either through further job cuts or through attacks on our members’ terms and conditions.
Read more: IBOA: Thousands of jobs could be at risk in wake of NAMA | BreakingNews.ie

[BodyofEvidence]

yeah, cos loads were fired from Anglo...oh, wait.

[mmrebel]

yeah, cos loads were fired from Anglo...oh, wait.

An article yesterday in the Indo said they were going to start implementing redundancies , i think though odinary joe soap bank teller will feel the brunt of their bosses greed.

[jmayo]

Wait here is an idea lets turn the banks into another HSE where people in redundant psoitions are guaranteed their jobs .

NAMA or no NAMA, the Irish banking sector needs to be rationalised.

Personnally I would start at the top with the likes of people that helped get tha banks into the mess, starting with Mr Boucher.

It is time a few banks disappeared along with their dodgy little ethos of subventing regulations e.g Irish Nationwide.

[feargach]

But, once the transfer of toxic assets from the financial institutions to NAMA gets under way, it opens up the possibility for a major consolidation of the sector through mergers, acquisitions or closures,” said IBOA General Secretary, Larry Broderick.

Well, yes. There are six Irish companies in this sector, all of them insolvent and surviving on a state lifeline. The normal thing in that situation is for those six companies to vanish and merge and shrink headcount.

Essentially, those 23,000 surplus staff are recipients of social welfare at handouts that reach four figures a week in many cases.

[feargach]

I see a yummy, salty, flavoursome irony in the fact that among those 23,000 spongers off state largesse, must be several right-wing P.ie posters who spend their days on here screeching for dole and minimum wage cuts. I foresee them modifying their opinions VERY quickly by this time next year.

Heh heh heh.

[Libero]

I see a yummy, salty, flavoursome irony in the fact that among those 23,000 spongers off state largesse, must be several right-wing P.ie posters who spend their days on here screeching for dole and minimum wage cuts. I foresee them modifying their opinions VERY quickly by this time next year.

Heh heh heh.

Alternatively, they will scream like mad that they should not be let go, and the government will agree, and they'll continue insisting that the real scroungers are the people in dole queues as opposed to people like themselves in bank offices doing make-work.

Bank employees are about the last people in the state who deserve to have public resources put to work maintaining their jobs.

[cd27]

Gee wiz that bright kid at the IBOA is sharp! how long did it take him to figure that out, no doubt he'll want employment to continue in the dead Anglo bank too...