EMCC European Monitoring Centre on Change

Permanent TSB

Company/Organisation:
Permanent TSB

Geographic Location

Country: Ireland

Company

Sector: Financial services
Financial and insurance activities
64.1 - Monetary intermediation
Group: Permanent TSB

Employment Effects

Announcement Date: 24-07-2012
Planned Job Reductions min: 250
Planned Job Reductions max: 250
Type of Restructuring: Internal restructuring

Additional Information

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.