PTSB has rejected claims made by the Financial Services Union (FSU) that up to 500 jobs could be cut at the bank, calling these assertions unfounded.
Earlier this week, PTSB announced that the voluntary redundancy scheme it introduced in October for senior managers would now be extended to all staff members. While the bank has not disclosed how many redundancies it plans to make, the FSU suggested that as many as 500 jobs could be at risk, including 100 in IT, 200 in retail, and another 200 across various departments.
However, PTSB stated that these claims by the FSU are baseless and emphasized that such speculation is unhelpful to both employees and customers. "Once the voluntary scheme closes in January, a well-informed decision will be made regarding the number of colleagues who may be affected," the bank said.
The FSU has voiced strong concerns about the redundancy plan, calling it reckless and warning of significant consequences for both staff and consumers. "PTSB recently experienced an IT outage affecting hundreds of thousands of customers. How can the bank decide just a week later that it can manage with 100 fewer staff in this area?" questioned John O'Connell, General Secretary of the FSU.
O'Connell further urged the regulator and the government to address the potential repercussions of PTSB’s actions and to examine whether the bank is meeting the criteria outlined in the Government’s banking review and adhering to consumer protection regulations set by the regulator.
In its announcement regarding the expanded redundancy scheme, PTSB explained that it is pursuing key strategic transformation initiatives to support its business strategy and enhance overall organizational efficiency and effectiveness.