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10.02.10
There are fears this evening that many more bank staff will lose their jobs in the wake of the redundancies at Bank of Scotland Ireland. Unions are promising to fight those cuts - possibly through industrial action.
Although some of the job losses within the financial sector were inevitable given the economic downturn, it's now believed that Halifax's pull out is just the start.
The two main domestic banks, AIB and Bank of Ireland, who between them employ 25,000 people, are expected to reduce staff numbers significantly later this year after relying on natural wastage up to now.
Unions and analysts now fear that it is only a matter of time before both unveil redundancy schemes.
A senior banking analyst said: "The two main banks are coming under increasing pressure in this regard, particularly as they are looking to raise billions of euro of capital in the market in the coming months."
A worst case scenario sees almost 6,000 people lose their jobs in the sector.
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