Hundreds of jobs to go as SNS bank reorganises
Thursday 11 October 2012
Hundreds of jobs will be lost in a major reorganisation at SNS bank, Nos television reported on Thursday.
The workforce is being told of the plans on Thursday and Friday, Nos said. SNS bank has a workforce of some 2,400.
The reorganisation is to take place over four years, but compulsory redundancies cannot be ruled out, an SNS spokesman confirmed later in the day. The total number of jobs to go has not yet been made public.
The spokesman said the reorganisation is necessary because of the decline in the bank's mortgage business.
The bank also has to repay €850m in state aid to the government by the end of next year.