Permanent TSB to shut branches and cut jobs

Permanent TSB will announce next week it plans to close an estimated 20 of its 92 branches, with a possible 150 redundancies from its 1,800-strong workforce.

Permanent TSB’s chief executive Jeremy Masding appeared yesterday before the Oireachtas Joint Committee on Finance, Public Expenditure and Reform to face a barrage of questions about the bank’s future, how it plans to tackle mortgage arrears and whether it plans to pass further interest rate cuts onto customers.

He declined to give the exact figure of how many job losses and branches would be closed as part of a restructuring programme the bank is conducting with the assistance of the Government and the Troika.