Irish Bank Exits ‘Collective Madness’ With $15B Loss, 2K Layoffs

Irish Bank Exits ‘Collective Madness’ With $15B Loss, 2K Layoffs

DUBLIN (Carmel Crimmins) – Allied Irish Banks aimed to put the “collective madness” of a homegrown property bubble behind it on Tuesday with a jaw-dropping annual loss of 10.4 billion euros and a plan to axe over 2,000 jobs.

A former stock market darling with international ambitions, AIB has been effectively nationalized and saved from collapse by emergency ECB funding after being shut out of debt markets and losing 22 billion euros in deposits last year.

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