PTSB pledges no closures of bank branches as part of plan to cut 300 jobs

Permanent TSB will not be closing any of its 76 bank branches across the country as part of a €30m cost reduction programme which is likely to see it cut around 300 jobs.

A spokesperson for the lender said it is “too early” to say exactly how many jobs are likely to go. However, they confirmed that around 300 jobs, via a voluntary severance scheme, are being targeted. That is roughly 12.5% of PTSB’s total workforce.

PTSB plans to save €30m in costs through the cuts, but said it will reinvest the money into modernising and digitising its business.

Staff were briefed on the plans this week, along with union representatives. PTSB said further engagement will take place over the coming weeks. It said the job losses will be “weighted towards” management and head office staff.

We have no plans to reduce the number of branches across the country,” the spokesperson said. However, PTSB will continue to “modify and adapt” its branches “to reflect changing customer behaviour and local needs.

The Financial Services Union (FSU) has slammed PTSB’s job cuts plan as “a further erosion of the banking structure in Ireland”.

FSU general secretary John O’Connell said the plan underlines the need for an all-island banking forum.

Already nearly 2,500 bank jobs are due to be cut through recent announcements by Bank of Ireland, AIB, Ulster Bank, and KBC Bank Ireland.

Mr O'Connell said cost-cutting measures — across all banks — should be put on hold until a plan for the future of Irish banking is in place.

"Banks are making decisions based on short-term profitability instead of long-term strategic planning," he said.

PTSB, which is still 75% State-owned, will also save on costs by not renewing a lease on office space it uses on Dublin’s Hatch St.