PTSB to cut 120 jobs and 11 branches

PERMANENT TSB is planning to cut around 120 jobs, early in the new year, and close 11 bank branches as a means of cutting further costs from the business.

The move will reduce the number of branches PTSB — the retail banking arm of Irish Life & Permanent (IL&P) — operates from 103 to 92. The job cuts will be part of a voluntary severance scheme which will offer staff 7.25 weeks’ salary per year of service, capped at 2.75 years. The offer is open to employees until February, at which time the bank hopes to implement the restructuring.

It is not yet known which branches will be affected by the move, but a spokesperson for the company said the closures wouldn’t be isolated to any one part of the country. Employees are to be notified in the coming days about which branches are under review.