PTSB plan to cull up to 500 staff from an already overstretched organisation is reckless and damaging to consumers’ best interests

Branch network and IT services will be badly hit says FSU

The Financial Services Union (FSU) have expressed grave concerns about the planned cull of up to 500 staff by PTSB and described the plan as reckless with real consequences for consumers and staff.

PTSB have not announced a final number for redundancies, but it is understood that up to 500 staff will be let go with one hundred in IT, two hundred  in retail and a further two hundred across the organisation.

Commenting John O’Connell, General Secretary of the FSU said :

“The future of banking should not be dictated by the main retail banks. The changes in the sector need to be managed in the interest of consumers, business and staff. The announcement by PTSB of a cull of up to 500 staff has nothing to do with protecting and enhancing banking services. It is all about profit margins and reacting to commentary from market analysts. 

One week ago PTSB suffered an IT outage that effected hundreds of thousands of consumers. How can PTSB decide a week later that they can do without 100 staff in this area.

The regulator and Government need to wake up to the possible consequences of this announcement and ask serious questions about how PTSB are meeting the criteria set down by the Government in the banking review and the rules set by the regulator in relation to consumer protection.

We also need assurances from PTSB they will not be off shoring their IT services to cut costs. The protection of customers money is paramount, and we expect the regulator to investigate the actions that PTSB are planning to take to ensure our money is safe.”

ENDS