Permanent TSB has announced that it plans to cut 300 jobs.
The bank intends to reduce its workforce through a voluntary severance scheme, representing 12.5 per cent of the banks almost 2,400 workforce according to the Irish Times.
Permanent TSB says none of the bank's branches will close, but it intends to reduce its property portfolio to cut costs.
The job cuts will mainly be among managerial and head office staff, reducing its administrative office presence, including the decision not to renew its lease on office space in Hatch Street in Dublin, the bank's contact centre and base for arrears management staff.
“We are commencing the programme to reflect changes which are taking place in the economy and in the way which our customers wish to engage with us,” a spokesperson told the Irish Times today.
“The programme will involve a review of the banks organisation structure, the introduction of smarter ways of working for staff and better use of our property portfolio,” she added.
“It is too early to be prescriptive about the changes which will emerge from this exercise, but we do anticipate that we will be able to facilitate a reduction of circa 300 colleagues via a voluntary severance scheme, which will be weighted towards management and head office functions.”
So far this year, five retail banks in the Irish market have announced job losses, with Bank of Ireland announcing they will cut 1,700 roles by the end of the year.
AIB also announced that they will reduce staff by 1,500 by 2022 while Ulster Bank announced last month that it will seek to cut 266 jobs as their parent bank NatWest in the UK is considering winding down their Irish presence.
Thre remaining bank to announce job cuts was KBC, who said they will reduce their workforce by 20 as they move to close 16 branches nationwide.