Permanent TSB is to reduce its workforce by 250 people as part of a major restructuring plan.
The bank – which is looking to cut costs by 10 per cent – says it will seek the job losses on a voluntary basis.
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Staff were briefed this morning on the proposals – which include the closure of 16 of Permanent TSB’s 92 branches.
Two other locations will be changed to self-service outlets.
Permanent TSB says the move is designed to create a smaller and profitable institution by 2016 – along with securing its future as an efficient, competitive and customer-focused bank.
