PTSB to reduce around 300 jobs this year

In December, the bank announced that its voluntary exit scheme, initially available to senior managers from October, would be extended to all employees.

At the time, the Financial Services Union (FSU) suggested that up to 500 jobs could be lost, but PTSB dismissed this claim as unfounded.

Providing an update today, the bank stated:

"Following applications for voluntary severance, we expect to accommodate around 300 employees across various departments, with departures taking place gradually throughout 2025."

"The bank remains committed to maintaining high standards of customer service while reviewing individual applications."

"Applicants will receive confirmation of their outcomes by the end of February."

PTSB also clarified that it has no immediate plans to introduce further redundancy schemes.

The FSU voiced concerns about the impact of job cuts on both employees and customers.

"We will be meeting with the bank in the coming weeks," said John O'Connell, General Secretary of the FSU.

"Our focus will be on understanding the justification for each redundancy, ensuring no additional workload is placed on remaining staff, and confirming that no mandatory transfers will take place," O’Connell added.

PTSB previously stated that the expansion of its redundancy program aligns with its broader strategy to implement key business transformation initiatives, enhancing efficiency and organizational effectiveness.