15 jobs to go at Bank of America

Bank of America has confirmed plans to cut 15 jobs at its Carrick-on-Shannon office over the next month.

Bank of America has confirmed plans to cut 15 jobs at its Carrick-on-Shannon office over the next month.

In a statement issued to the Leitrim Observer earlier this week, a spokesperson for the Bank said that “following a detailed review of our operations in Carrick, Ireland, we have announced that we are planning a reduction of around 15 full time equivalent positions in the contact centre and call optimisation divisions servicing our UK consumer credit card business and we will be in consultation with the employees in scope over the next 30 days.”

The move comes just five months after Apollo Global Management announced it was officially beginning the process of acquiring the Irish loan book of Bank of America/MBNA. The loan books service some 200,000 customers in Ireland with a debt of around €650m.

As part of the deal Apollo said it would continue to employ the 250 associates serving the Irish accounts of the Bank in Carrick-on-Shannon “for the foreseeable future”.

The final transfer is expected to be finalised in the first half of 2013, subject to regulatory approval.

The current round of job cuts however, impact the UK arm of Bank of America which employs approximately two thirds of the workforce in Carrick-on-Shannon. To date no buyer has been found for the UK arm of the business although negotiations are continuing.

Bank of America has also indicated that jobs for the remaining staff serving the UK market will be retained for now as the bank still wants to sell this part of the business as a ‘going concern’.

Bank of America remains the largest private sector employer in the county and at one stage the Bank generated jobs for nearly 1,000 associates at its office in Carrick-on-Shannon. However, since then the number of staff has declined over the last five years with a number of redundancies announced.

The biggest cuts were made late last year when 102 redundancies were announced. The Minister for Jobs and Enterprise, Richard Bruton, says that he and his Department is continuing to monitor the situation.