BANK OF Ireland’s decision to axe 270 jobs in the North and Britain is “profoundly disappointing”, the Irish Bank Officials Association (IBOA) has said.

Bank of Ireland told its employees in the North yesterday that it intended to relocate certain business support services from Belfast and London and consolidate them in existing offices in Dublin and Bristol.

The transfer of these operations will deliver a significant blow to the North likely to translate into an estimated 240 job losses. The redundancies signal what Bank of Ireland has termed the “latest phase of its cost-efficiency plans”.

Last July, the bank said it would cut 750 jobs as part of a restructuring plan approved by the EU to enable the Government to provide the bank with State aid.

In a statement, Bank of Ireland said the planned changes would “ensure the business support activities involved are delivered in a manner that optimises operational efficiency and capability”.

The bank added that it was committed to developing its business in the North and supporting its customers.

However, the IBOA finance union said Bank of Ireland’s proposed job cuts would affect not only those who leave but staff who remained.

IBOA general secretary Larry Broderick said the bank was committed to engage with the union on the implementation of its restructuring plan but he was disappointed that such measures were necessary in the first place. He said there may be some redeployment options available to bank staff.

The union will meet senior Bank of Ireland officials today.

“The impact of these redundancies will be felt not only by the families of those staff members who elect to go, but also by the wider economy of Northern Ireland which can ill afford to lose up to 240 jobs at this time,” Mr Broderick said.