Ulster Bank has announced 124 redundancies nationwide as part of a major restructure of its retail branch network.

An Ulster Bank spokesperson said the redundancies, which are mostly voluntary, were part of previously announced jobs cuts.

As part of the restructure, the bank said it is creating 23 new positions in its branch network and 11 new retail banking positions.

The Financial Services Union (FSU) said it was opposing the restructure since, as "there is no sound business rationale for it".

The union any further job losses in Ulster Bank – especially in customer-facing roles – will exacerbate difficulties arising from chronic understaffing which affect both staff and customers.

FSU senior industrial relations officer Gareth Murphy said the latest restructure is going to hit both staff and customers badly.

“Withdrawing staff from this crucial interface with customers does not make any business sense. Ulster Bank has declared its ambition to be ‘number one for customer service, trust and advocacy.’ But this seems like a strange way to pursue it,” he said.

“This will not only cause difficulties for the staff who lose their jobs but also for those remaining who will face increased workloads and additional stress,” he added.