The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial Service Activities, Except Insurance And Pension Funding
500 jobs Number of planned job losses
Announcement Date
10 December 2024
Employment effect (start)
10 December 2024
Foreseen end date
31 January 2025
Description
Irish retail bank PTSB announced a voluntary redundancy scheme in December 2024 which closed on 10 January 2025.
The bank did not state how many redundancies were being sought but the Financial Services Union (FSU), which represents staff at the bank, estimated that about 500 positions would be made redundant.
The redundancy terms offered were either four week’s basic pay per year of service in addition to the statutory redundancy entitlement; five weeks’ pay per year of service, inclusive of statutory entitlements; or 20 weeks’ salary, plus statutory entitlements. Payments are capped at the lesser of 2½ years’ salary or €300,000.
PTSB employs approximately 3,240 full-time equivalent employees and its workforce has grown by 850 since 2019 when it took on hundreds of staff from Ulster Bank.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
