Bank of Ireland reviews €900m technology plan as new CEO arrives

Francesca McDonagh set to assess IT scheme to take costs below 50% of income

New Bank of Ireland chief executive: Francesca McDonagh said in a video message that she plans to ask staff for feedback and engage directly with customers

New Bank of Ireland chief executive: Francesca McDonagh said in a video message that she plans to ask staff for feedback and engage directly with customers

Bank of Ireland is understood to be reviewing its €900 million information-technology scheme, by far the biggest project inherited by the lender’s new chief executive, Francesca McDonagh, who took over on Monday.

Sources said the bank’s board has been overseeing a review in recent months of early spending and results associated with Project Omega, which was unveiled last year and is set to run for the next four years. Some of them indicated that the project has slowed down significantly as a result.

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