Bank of Ireland Group is expected to reduce its workforce in the coming years as part of its strategy to simplify operations and enhance efficiency through digital transformation.
Chief Executive Myles O’Grady told Bloomberg Television that the bank aims to become leaner by leveraging technology, a move driven by rising competition from digital banks like Revolut, which are particularly popular among younger consumers.
“As part of our objective to deliver efficiency and a leaner organisation, I do expect that our … headcount levels, will be lower than they are today out over the next three years,” O’Grady stated following the bank’s latest financial results.
Last year, Bank of Ireland invested an additional €30 million in its digitization efforts.
The bank currently employs around 11,000 people.