Around 300 jobs are to be cut at PTSB this year as part of a voluntary redundancy scheme that was launched last year.
In December, the bank said that a voluntary exit scheme that was opened in October for senior managers was being extended to all staff.
At the time, the Financial Services Union (FSU) claimed that up to 500 jobs could be cut at the bank but PTSB said this was without foundation.
Today, the bank gave an update on the redundancy process.
“Following receipt of applications to its voluntary severance scheme, the bank envisages that it could accommodate around 300 employees from across the bank, exiting on a phased basis over 2025,” a spokesperson said.
“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 bank has no plans to launch further schemes in the near-term,” PTSB said.
The FSU said the job cuts raise many serious questions for consumers and staff.
“The FSU will be meeting with the bank in scheduled meetings over the next couple of weeks,” said John O’Connell, General Secretary, FSU.
“We will be looking for the rationale for each role being made redundant, an assurance of no additional workload for remaining staff and that there will be no mandatory transfers as a result for remaining staff,” Mr O’Connell said.
When it announced the expansion of its redundancy scheme, PTSB said it was undertaking a number of important strategic business transformation change initiatives to enable its strategy and improve organisational effectiveness and efficiency.
