Anglo employees – what do they all do?
18 November, 2010
Anglo-Irish Bank’s 2009 annual report tells us that the average number of persons employed during the period was 1,681 and that the related employment costs were no less than €186,000,000 (an average of €111,000 per person).
It also advises that “as part of the Group’s restructuring process a voluntary redundancy programme commenced in November 2009, the effect of which is not reflected in the above headcount numbers. Once the redundancy programme is complete, it is expected that the Group headcount will be below 1,300.”
What are all these people doing, now that it is no longer extending any new loans, most of the old loans have been shipped across to NAMA, and depositors are unlikely to be knocking down its doors to offer them money?
For that matter, why have there been no dramatic redundancies at the other banks owned wholly or partly by the State? Surely employees are not being kept on just to help the overall national unemployment figures?