| 15°C Dublin

Close

Premium


Crowley admits he has mountain to climb as new boss at PTSB

Richard Curran


Close

Jeremy Masding, left, is passing the CEO torch to Eamonn Crowley at a turbulent time for Permanent TSB

Jeremy Masding, left, is passing the CEO torch to Eamonn Crowley at a turbulent time for Permanent TSB

Jeremy Masding, left, is passing the CEO torch to Eamonn Crowley at a turbulent time for Permanent TSB

The incoming chief executive at Permanent TSB, Eamonn Crowley, faces a fresh uphill struggle when he takes over from Jeremy Masding in the coming weeks.

Outgoing CEO Masding is passing on the baton to his CFO at what is obviously a very difficult time for the banking sector in general and for PTSB in particular. In fact, the baton he is handing over looks in pretty bad shape.

Everything is relative, of course, and Masding can point to how, over the last eight years, he saved the bank from being wound down, secured EU approval for a restructuring plan, brought the business back to the stock market and massively reduced non-performing loans.