Bank of Ireland (BoI) is to cut 2,100 jobs in Ireland and the United Kingdom as part of a cost-cutting drive fuelled by increased competition.
BoI also said it would listen to offers for the non-mortgage business of its UK retail bank operation Bristol & West.
The cuts will trim the bank's 17,000 strong workforce by 12% over the next four years, as it tries to make 120m euros ($157m; £83m) in annual savings.
The bank is facing tougher competition in its domestic market.
Bank of Scotland recently announced plans to expand in Ireland.
Competitiveness
About 80% of the jobs lost will be in Ireland, where the company employs 12,000 staff, with the remainder going in the United Kingdom.
Twelve bank branches will be closed in Ireland while the number of call centres in operation will be cut from 22 to four.
Chief executive Brian Goggin said he hoped the reduction in numbers could be achieved through voluntary redundancies but warned that BoI would not rule out compulsory layoffs.
He said the retrenchment was necessary "or we will run the very serious risk of being competitively disadvantaged".
Irish unions said that they would oppose the layoff plans but did not indicate whether strike action would be considered.
Offers of interest
Bank of Ireland also said it had received several offers of interest for Bristol & West's network of bank branches and its deposit base.
The company operates 97 branches, employing 1,200 staff.
BoI said it would consider the offers as part of an overall review of its options for Bristol & West. Possible buyers for the non-core business are reported to include Alliance & Leicester.
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