Irish banks suffer dotcom flatulence
Now the bubble economy is passing wind, all that's left is a nasty smell
The dotcom blues have hit Allied Irish Banks'plans to establish a stand-alone online presence. After nine months of planning, the bank decided to pull the plug, saying it is disillusioned with the whole idea. It says that disappointing performances from e-banks, such as Cahoot, show that customers don't want online banking to be split from the more traditional version.
Despite the £110 million it raised at the height of dotcom mania, Dublin based First-e is preparing to lay off up to 100 workers. The company would not make any comment to the press, but reports suggest that the cost of maintaining an Internet brand has proven too high. The bank also cancelled a large TV advertising campaign this week. ®