PTSB to let go 300 staff in voluntary redundancy scheme 

Bank says the jobs will go on 'phased basis' over 2025

Around 300 jobs are to go as part of a voluntary redundancy scheme at Permanent TSB, the bank confirmed on Friday. Picture Andres Poveda

Around 300 jobs are to go as part of a voluntary redundancy scheme at Permanent TSB, the bank confirmed on Friday.

The bank, which employs around 3,000 people in Ireland, said the redundancies will be made “on a phased basis” this year.

It follows the extension of a voluntary redundancy scheme which had been mooted for senior staff last year.

“Following receipt of applications to its voluntary severance scheme, the bank envisages that it could accommodate around 300 employees from across the bank, exiting on a phased basis over 2025,” a PTSB statement said.

“In considering individual applications, the bank will ensure that a high standard of customer service is maintained. Outcomes will be communicated directly to those who applied by the end of February. “The bank has no plans to launch further schemes in the near-term.” 

Financial Services Union (FSU) general secretary John O’Connell said he would be seeking clarity on whether 300 redundancies would be the final number. The bank has stated that it has “no plans to launch further schemes in the long term”.

Mr O’Connell said the bank had given a commitment that there will be no branch closures and that no outsourcing or offshoring of work will take place. “We will be reinforcing this in our discussions with the bank. We look forward to engaging with the bank on these issues over the coming weeks,” he said. 

He added that the redundancy announcement raises “serious questions for consumers and staffl. “The FSU will be meeting with the bank in scheduled meetings over the next couple of weeks. We will be looking for the rationale for each role being made redundant, an assurance of no additional workload for remaining staff and there will be no mandatory transfers as a result for remaining staff.”

Meanwhile the FSU will open a ballot of members at Bank of Ireland from Wednesday February 12th until Wednesday February 26th on a proposed 4% performance-related pay increase. Around 8,000 of the bank's 10,000 staff would receive the increase as part of the deal.