Thursday 21 September 2017

PTSB to shake up team reporting to CEO

STATE-controlled bank Permanent TSB has announced a major management shake-up of the team reporting to the incoming chief executive, including advertising to recruit six new senior executives, writes Donal O'Donovan.

It comes just weeks after officials from the EU and IMF endorsed a scheme to restructure the last of the Irish banks to be nationalised.

Under the plans that have been endorsed by the Finance Minister and bailout officials, Permanent TSB is to be split into a 'good bank' and a 'bad bank'.

The plan is ultimately to wind down the bad bank over time and for the "good bank" to remain as a stand-alone lender competing with AIB and Bank of Ireland in the domestic markets.

Yesterday, Permanent TSB chief executive Jeremy Masding revealed plans for a new 10-person executive committee to run the bank.

Four of the 10 slots have been filled, mainly by current Permanent TSB staff.

Irish Independent

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