Permanent TSB

Type
Internal restructuring
Country
Ireland
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.1 - Monetary intermediation
120 jobs
Number of planned job losses
Job loss
Announcement Date
2 December 2009
Employment effect (start)
Foreseen end date

Description

Permanent TSB has announced 120 redundancies in a bid to cut costs as part of a restructuring scheme which will see bank reduce its number of branches from 103 to 92. Under the voluntary redundancy offer, affected staff will receive 7.25 weeks pay for each year of service to the bank. In 2008, the bank offered staff paid career breaks in an effort to cut costs.

Sources

  • 2 December 2009: RTE

Citation

Eurofound (2009), Permanent TSB, Internal restructuring in Ireland, factsheet number 69956, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69956.