Tuesday 18 December 2018

Permanent TSB in bid to lay off another 50 middle managers

CEO Jeremy Masding’s bank has a total of 2,500 staff
CEO Jeremy Masding’s bank has a total of 2,500 staff
Charlie Weston

Charlie Weston

Lender Permanent TSB is seeking to make 50 people at management level redundant.

It comes a year after staff across the bank were offered a voluntary redundancy package.

The bank has generated huge controversy with its plans to sell off thousands of mortgages and other loans that are in arrears.

It is pressing ahead with the sell-off despite fears the loans will be bought by vulture funds.

It returned to profit in 2017 after 10 years of losses. Permanent TSB is 75pc owned by the State.

Run by Jeremy Masding, the bank has 2,500 staff in total. Around 400 of its staff are at manager-grade level.

A spokesman said around 65 managers left over the past year under a voluntary severance scheme. It is understood around 30 of these were branch managers and 35 were managers in non-branch positions, mainly in the bank's Dublin head office. It has 77 branches.

Staff were briefed about the latest redundancies on Monday.

It is expected those departing will be offered a package consisting of three weeks' pay per year of service, plus statutory redundancy.

A spokesperson for Permanent TSB said: "We have advised staff and relevant representative bodies that the bank will open a limited voluntary severance scheme over the summer for up to 50 managers.

"The terms on offer will be the same as the standard terms offered in other voluntary severance schemes at the bank in recent years."

The spokesperson added that the lay-offs were part of the bank's ongoing programme of restructuring and reform designed to position the business for growth and profitability.

Mr Masding told TDs recently the bank's current financial performance was "trending positively".

Irish Independent

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