Anglo Irish Bank is making 350 redundancies, 130 of which will be in the Republic. To say this was always on the cards would be an understatement, but – despite the downsizing – there are still opportunities at the bank should you be interested
A spokesperson for Anglo wasn’t able to provide us with any further details about which divisions are likely to be hardest hit by the redundancy announcement. However, with the wealth management division and US loan book up both up for sale, these seem like obvious targets, as well as operational functions, treasury and working capital divisions, which are superfluous as the bank gradually winds down.
In the Republic, the cuts amount to around 16% of Anglo’s workforce, and around 670 staff still remain at the bank.
Let’s not forget that there’s still plenty of work to be done within its group recovery management unit (GRMU) – the orderly wind down of its Irish portfolio will take ten years, and the residential property portfolio Anglo inherited from the Irish Nationwide take-over will take five years – as well as within its NAMA division.
According to recruiters in Dublin, the bank is still hiring workout professionals for these loans, but largely on fixed-term 10-month contracts. These roles are becoming a more difficult sell.
“When there were few other options available to people, the roles at Anglo were appealing,” says one Irish headhunter. “Now, they’re incredibly difficult to recruit for – the pay is no better than other Irish institutions, the contracts are short and the bank is gradually winding down.”
The result, suggest recruiters, is that there’s something of a revolving door at Anglo; people take the roles, but then move on when a better opportunity presents itself elsewhere.
The fact is that it’s in the state’s interest to ensure these roles remain filled – the value of these loans is only going to be maximised with the best people working on them – which means that, rather than expansion, Anglo is perennially looking to replace those who depart.