Up to 108 jobs are to go in asset financing unit Lombard Ireland, it was announced today.
The move comes following a detailed review by the parent group of its businesses, which saw Lombard moved into a "non-core" division.
The company is owned by Royal Bank of Scotland, which also owns Ulster Bank and First Active, which is in the process of being shut down. The bank has cut 750 jobs across Ireland and closed three-quarters of its 60 First Active mortgage branches
It as decided that Lombard will no longer deal through broker and intermediary networks, instead providing asset finance directly to the Irish market on a business-to-business basis.
The losses will be spread across the republic, where 84 jobs will go, and Northern Ireland, where the remaining 24 positions will be eliminated. The company said it was hoping to offset the losses with 17 new jobs created across Ireland.
Options are being discussed with employees, the company said, including redeployment and voluntary redundancy.
Finance union the Irish Bank Officials' Association (IBOA) said the loss of 91 net jobs was "profoundly disappointing".
"Our members in Dublin and Belfast are shocked by this announcement – especially so close to the festive season," said IBOA general secretary Larry Broderick.
The union said it had asked Lombard to consider alternatives including redeployment and early retirement. It also said it was asking to have the rendundancies sought on a voluntary basis.
Further meetinmgs are set to take place to discuss proposals for the redundancies.
Lombard currently employs 149 staff in the Republic of Ireland and 36 in Northern Ireland.
"The Lombard announcement is further evidence of the continuing haemorrhage in the financial services sector in Ireland," said Mr Broderick.
He called on the Minister for Enterprise, Trade and Employment Mary Coughlan to establish a task force to consider strategies to address the trend.
