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Anglo Irish staff cuts likely

Anglo Irish Bank is understood to be planning to lay off hundreds of staff as the nationalised bank bids to cut costs. The bank has an enormous wage bill, paying its 1,700 employees an average of €100,000 (£90,454) last year, including basic salary and extras such as share awards and pension schemes. The Irish government nationalised the bank in January to save it from collapse and must now submit plans to the EU on how it will restructure the lender.