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 64.1 - Monetary intermediation
250 jobs Number of planned job losses
Announcement Date
24 July 2012
Employment effect (start)
Foreseen end date
Description
Permanent TSB, a state-owned bank, is to make 250 staff redundant, close 16 branches across Ireland and make two exisiting branches self-service locations. It is understood that the bank said it has briefed staff on plans aimed at creating a "smaller, profitable" bank by 2016.
In the frame of the restructuring, the bank will be comprised of three business units - the asset management unit; the bank's mortgage loan business in the UK, CHL; and Permanent TSB itself. It is expected that a 10% reduction on operating costs will be achieved through the restructuring.
The State took control of Permanent TSB following a €2.7 billion bailout in 2011.
Sources
24 July 2012: RTE news
24 July 2012: The Irish Times
Citation
Eurofound (2012), Permanent TSB, Internal restructuring in Ireland, factsheet number 74018, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74018.
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.
