Ulster Bank staff asked to sign NDAs on strategic review, union says

Some staff at Ulster Bank are being asked to sign non-disclosure agreements on work they are being asked to carry out as part of a strategic review of the lender's future, the Financial Services Union (FSU) said on Thursday.

The Irish Times first reported last September that Ulster Bank's UK parent, NatWest, is actively considering winding down the division as the impact of Covid-19 has served to further depress Ulster Bank's profit returns.

The company’s returns have already been squeezed in recent years by ultra-low interest rates internationally and regulatory demands that the bank hold high levels of capital in reserve.

While there is speculation that NatWest will announce the result of a strategic review as it unveils annual results on February 19th, Ulster Bank chief executive Jane Howard declined to comment on potential outcomes at a meeting with FSU officials on Thursday, the union said in a statement.

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‘Serious impact’

"The situation is now very serious. The threat of a closure or carve-up of the bank is growing and this will seriously impact communities, customers, staff and businesses all over Ireland, " said John O'Connell, FSU general secretary.

“Staff are being asked to undertake work in respect of the process that could enable the sale or carve-up of Ulster Bank and the bank is asking them to sign non-disclosure agreements, so they cannot discuss it. This is adding to the intolerable strain on staff and cannot be allowed to continue.”

NatWest declined to comment.