Ireland's Central Bank to cut up to 140 jobs to save €75m
The bank plans to reduce staff by roughly 6 percent and cut pay costs by 8 percent by 2030.
By Emily Brooks ·
The Central Bank of Ireland plans to cut between 120 and 140 jobs to save 75 million euros annually by 2030.
The reduction in workforce would represent a decrease of about 6 percent from the bank's total staff count. The bank employed 2,225 full-time equivalent staff at the end of 2025. Of the total savings target, 26 million euros will come from lower pay costs. This amount equates to an 8 percent reduction in projected salary spending for 2030.
Governor Gabriel Makhlouf informed employees of the planned cuts and spending measures in an email sent in June. Makhlouf was reappointed for a second seven-year term in March. The bank had previously doubled its staff numbers since 2008, a growth that included employees from the financial regulatory authority merged into the bank in 2010.
Payroll expenses have risen even as headcount has dipped slightly. Salaries and allowances paid to staff reached 211 million euros last year, up from 200 million euros in 2024. Staff numbers fell by 38 during that period. Approximately 825 employees earned 100,000 euros or more. Makhlouf was the highest-paid staff member, with a salary of 342,239 euros.
The bank has reported losses in recent years as the era of super profits following the financial crisis ended in 2022. The bank recorded a shortfall of 104.6 million euros last year and 795.4 million euros in 2024. The regulator stated that most of the projected expenditure reduction will come from non-pay measures. These include targeted IT investment, lower spending on consultants and contractors, and other efficiency initiatives.
The Central Bank launched a voluntary severance scheme and said it has begun engaging with staff representatives. A bank statement described the scheme as aligning with standard public service conditions. It noted the move aims to support a lower cost trajectory while maintaining operational effectiveness and organizational agility.
Brian Hayes, chief executive of the Banking and Payments Federation Ireland, welcomed the measures. Hayes stated that a strong regulator must balance effectiveness with efficiency and proportionality. He said the regulatory framework should support Ireland's competitiveness as a financial services center.
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