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Managers blamed for Ulster Bank job losses; BANKING.

Bank workers blamed the greed and incompetence of senior management for the loss of 750 jobs at Ulster Bank.

The cull is part of a cost-cutting package that means the bank will shut down its 148-year-old mortgage and investment arm First Active.

Ulster Bank said the 550 jobs to go in the Irish Republic and 200 in Northern Ireland would be rolled out in a voluntary severance scheme.

But the Irish Bank Officials Association (IBOA) launched an attack on senior management at the bank's parent company Royal Bank of Scotland (RBS). IBOA general secretary Larry Broderick said: "Our members feel very strongly that Ulster Bank Group staff are effectively being scapegoated for the mismanagement, incompetence and greed of senior management in RBS."

The merger will mean the disappearance of First Active, set up in 1861, as it amalgamates with Ulster Bank branches at 45 locations throughout Ireland. Another 15 First Active branches will convert to Ulster Bank branches.
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Publication:The Birmingham Post (England)
Geographic Code:4EUUK
Date:Jan 27, 2009
Words:158
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