2021 Interim Results - Debt Investor Presentation
13% reduction in cost base since 2017
Consistent progress
Costs reduced by €127m vs. H2 2017,
net of wage inflation and transformation
investment
Costs have reduced during each of the
past seven reporting periods
.
Bank of Ireland 2021 Interim Results - Debt Investor Presentation
Broad based cost reduction
11% reduction in FTEs since Jun 2020
Headcount reductions will underpin cost
savings from other initiatives including
branch closures, property and End-to-End
2018 H1 2021 FTE reduction
Shift to digital-led savings
Previous focus on business model changes
will now shift to digital-led simplification of
customer journeys and internal processes
2017- H1 2021 gross cost savings
€964m
€872m
€848m
€837m
10.4k
10.4k
10.3k
9.8k
9.2k
11%
reduction
Strategic
Sourcing
€109m
Simplifying the
Organisation
€155m
€65m
H2 17
H1 20
Digitalisation
H2 20
H121
Dec 18
Dec 19
Jun 20
Dec 20
Jun 21
€1.9bn
2023 cost target supported by existing momentum and fresh initiatives
>20%
reduction
€1.5bn
€1.9bn
€1.72bn
<€1.65bn
€1.5bn
2017
2020
2021
2023
•
2021 costs of < €1.65bn
•
2023 costs of €1.5bn; sustainable cost reduction enabled by strategic
decisions
-
Completion of successful voluntary redundancy scheme
Simplified and digitised customer journeys supported by End-to-End
Restructured UK business
Reduced property footprint, supported by new ways of working
New branch strategy including closures and reformatting
Bank of Ireland
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