Bank of Ireland’s staff cull, INM’s strategy and ODCE woes, and another bid for Smurfit

Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk

Bank of Ireland chief executive Francesca McDonagh, who is planning to streamline its management ranks in a bid to cut costs. Photograph: Dara Mac Donaill / The Irish Times

Bank of Ireland chief executive Francesca McDonagh, who is planning to streamline its management ranks in a bid to cut costs. Photograph: Dara Mac Donaill / The Irish Times

 

Bank of Ireland chief executive Francesca McDonagh is planning a cull of 15 per cent of its management ranks, as she sets about tackling its cost base some five months after taking charge at the lender. Joe Brennan has the details.

Some 70 senior staff atIndependent News & Media will gather in Croke Park today to hear about the company’s new strategy, which has been devised by consulting firm EY to future proof the business. Meanwhile, its share price fell by 5 per cent in Dublin yesterday following confirmation that the ODCE plans to seek the appointment of inspectors at the High Court on April 16th. Ciarán Hancock reports.

Smurfit Kappa rejected a second, improved offer from Tennessee-based rival International Paper on Monday. But that’s not likely to be the end of the story. Joe Brennan has the inside track.

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