There’s a further blow to the banking market this morning with Danske Bank announcing plans to withdraw from consumer banking.
The decision is likely to results in 150 job losses.
The bank said it will no longer be offering consumer and business banking products.
It said existing day-to-day personal customer products and services will be withdrawn on a phased basis during the first half of 2014. It will repay depositors in full.
The bank said the decision was taken to stem losses and because of a difficult economic environment. It will now focus on corporate banking.
Danske said this morning that it lost more than €31 million euro in the first nine months of the year.
The bank said it will enter into negotiations with the Irish Bank Officials Association about the impact on staff.
The restructuring will cost Danske about €40 million and that it will also set aside an extra €67m for loan impairments.
