Permanent TSB (PTSB) plans to cut around 300 jobs over 2025 after receiving a high number of applications for a voluntary redundancy scheme. The bank says the scheme was heavily oversubscribed and that it has no plans for further schemes in the near term. PTSB CEO Eamonn Crowley is aiming to reduce costs as the bank's expenses are higher relative to income than its larger rivals.
PTSB chief executive Eamonn Crowley is seeking to cut costs as the lender has a higher level of expenses relative to income than its larger rivals. Photograph: Nick Bradshaw
“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 terms on offer are in line with PTSB’s long-standing policy. Staff can opt for four week’s basic salary for each year worked, plus statutory redundancy entitlements of two weeks; five weeks’ salary per year of service, inclusive of statutory entitlements; or 20 weeks’ salary, plus statutory entitlements.
PTSB’s running expenses equated to 66 per cent of income in 2024, well above the 39 per cent and 42 per cent posted by AIB and Bank of Ireland, respectively.
BANKING JOBS IRELAND PERMANENT TSB COST CUTTING
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PTSB Extends 2% Cashback Mortgage Offer to Existing CustomersPermanent TSB (PTSB) is offering existing mortgage customers a 2% cashback on their monthly repayments when they use a PTSB Explore current account for direct debits. The offer, previously available only to new customers, aims to reward loyalty and provide financial benefits.
Read more »
Labour and Social Democrats abdicated responsibility by not ‘fighting’ for power, Greens toldRoderic O’Gorman’s comments came as 300 Green Party delegates attended a convention in Dublin
Read more »
Concerns growing over future of BNY Mellon’s Wexford operationFacility employs 300 in town
Read more »
BYN Mellon announces closure of Wexford facilityMost of 300 employed in town will either have to relocate or be made redundant
Read more »
BNY Mellon announces closure of Wexford facilityMost of 300 employed in town will either have to relocate or be made redundant
Read more »
Stripe to Make 300 Staff RedundantStripe, the global payments platform, is planning to make 300 employees redundant in the coming months. The job cuts will affect roles across product, engineering, and operations teams in various locations. While the exact areas impacted remain unclear, Dublin is not expected to see a significant number of losses. Stripe, which currently employs around 8,500 people, anticipates its workforce to reach 10,000 by the end of the year.
Read more »