January 26
Ulster Bank cuts 550 jobs in Ireland
Ulster Bank Group is to absorb the business of First Active, formerly the First National Building Society, with the loss of 750 jobs. 550 jobs are to go at its operations in the Republic and a further 200 in Northern Ireland.
In 2003 First Active was acquired by Ulster Bank Limited, part of The Royal Bank of Scotland Group.
The redundancies are part of a move by Ulster Bank Group to merge its specialist mortgage and investment arm, First Active, with Ulster Bank.
Following the merger, the First Active brand will disappear and all First Active customers will be automatically transferred to Ulster Bank.
Ulster Bank Group, a subsidiary of Royal Bank of Scotland, employs 7,000 people in both the Republic and in Northern Ireland.
First Active has 60 branches in Dublin and the larger towns and cities, employing more than 400 people.
There is also a nationwide network of Ulster Bank branches, which was a good idea in the boom when lenders aggressively sought to build their loan books, but it is of little value in a recession.
All 60 First Active branches will be closed.
In locations where there is both a First Active branch and an Ulster Bank branch, one of the branches will be closed and the other will be branded Ulster Bank. In 15 First Active branches (in locations where there is no Ulster Bank already nearby), the branch will be converted to an Ulster Bank.