PTSB considering ‘small number’ of redundancies under 2020 plan

Permanent TSB will consider a "small number" of voluntary redundancies under plans to reposition its branch network, according to one of its main unions.

However, the bank has committed to maintaining its 77 branches around the country.

The Financial Services Union said on Monday that the bank briefed staff last week on its so-called Network 2020 plan, which involves changes to roles, responsibilities and "potentially a small number of voluntary-led redundancies".

In a separate statement, PTSB, which had about 2,400 employees at the end of last year, said that it would create 174 new roles as it seeks to extend its reach beyond its existing branch footprint.

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New roles

These roles, which will be filled internally, include 42 new territory sales manager positions, to “drive external promotional, business development and field-based activities” outside of the branches, it said.

They will be supported by 55 field-based “customer consultants”, while a further 77 “branch sales and operations lead positions” will be for employees who will be responsible for in-branch sales and service activities and report to the territory sales managers.

“The key objective of Network 2020 is to reposition our branches as platforms for outreach into communities and regions rather than destinations to which customers travel to engage with the bank,” a spokesman for PTSB said.

“The banking world is changing and while we envisage branches retaining a key role in our distribution network, they have to fit into a wider, more dynamic, system which helps us engage with customers on their terms, not ours.”