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Chairman admits more job cuts on the way under bank plan

PERMANENT TSB chairman Alan Cook yesterday admitted there will be job cuts coming as part of the bank's massive restructuring, but insisted it was too early to say where they would come from.

The news comes a month after the EU/IMF bailout teams endorsed a broad plan to maintain Permanent TSB as an independent bank but put more than half of its Irish loans into a 'non-core' unit that will be run down.

As part of the plan to be submitted to Brussels next month, Permanent TBS must also demonstrate it can be profitable.

"Yes, there are going to be job cuts, but it's very difficult to say at this stage until we've fleshed out all the plans," said Mr Cook.

Chief executive Jeremy Masding said his team was "still working through" the plans but promised he would be "upfront with people" as soon a decision was made. The cost-cutting plan is also expected to include cutting branches.

Irish Independent