Allied Irish Banks posts annual loss of 10.4bn euros

DUBLIN: State-rescued Allied Irish Banks said Tuesday that its net losses ballooned to 10.4 billion euros ($15 billion) in 2010, adding that it planned to axe more than 2,000 jobs by the end of next year.

"On a continuing operations basis, the group incurred a loss after taxation of 10.4 billion euros in 2010, compared with a loss after taxation of 2.3 billion euros in 2009," AIB said in a statement.

"It is expected that a reduction of over 2,000 staff will take place on a phased basis over 2011 and 2012," added the lender which is more than 90-percent owned by the Irish government.

The huge losses and job cuts were expected as Ireland's banking sector has been left battered by the global financial crisis, which in turn has led to a massive international bailout of the eurozone nation.