AIB to reveal details of next phase of restructuring today

Fri, Jul 6, 2012, 01:00

AIB CHIEF executive David Duffy will today unveil details of his new strategy and structure for the bank and the members of the bank’s new management team.

Mr Duffy told staff yesterday in an internal email that the bank would publish details today of the next phase of the bank’s restructuring which already involves 2,500 redundancies.

“A great deal of progress has been made in achieving a new, customer-focused, one-bank strategy for AIB, and this process is continuing to evolve,” said Mr Duffy.

He also announced that the bank’s recently appointed head of strategy, Enda Johnson, was taking up the new role of head of corporate affairs and strategy, taking over the corporate affairs role from Alan Kelly, who is leaving AIB.

Des Fitzgerald, a former head of retail banking at Ulster Bank, has been appointed chief executive of EBS, which was acquired by AIB last year.

Mr Fitzgerald was appointed director of distribution at EBS in December 2009.

Mr Johnson was previously part of the National Treasury Management Agency’s banking team which was seconded last year to the Department of Finance.

Mr Duffy told staff he expected to announce further appointments to the management team soon.

The new appointments follow the departure of a number of managers from senior positions, several of whom were involved in property lending in the boom.

The bank declined to comment on departures over recent weeks.

AIB fell into Government control last year after the State’s recapitalisation of the bank and EBS soared to almost €21 billion in return for a 99.8 per cent stake.

The bank previously said that the majority of the 57 most senior managers below the top executives had either left AIB or had been reassigned new roles.