Bank of Ireland is to merge two of its financial advice businesses in Britain with the loss of 350 jobs.
The company today announced Chase de Vere Investments and MX Financial Solutions (MXFS) will merge and operate under the Chase de Vere Investments brand.
The move will result in a 40 per cent cut in the joint workforce of the two businesses.
The rationalisation will result in an exceptional charge of £95 million sterling, of which £80 million reflects goodwill impairment and the remainder restructuring costs.
Bank of Ireland Group Chief Executive Mr Mike Soden said: "In the current depressed investment climate, it is important to focus our efforts behind our strongest IFA [independent financial advice] asset. Chase de Vere Investments is a powerful brand which commands strong customer and market endorsement".