120 jobs are to be cut at Permanent TSB under a voluntary severance scheme as the bank reduces its number of branches from 103 to 92.
The affected staff will receive seven and a quarter weeks pay for each year of service to the bank, capped and two and three-quarter years. The bank said the specific branches affected would be told in the coming week, and customers would be transferred 'seamlessly'.
Late last year, Permanent TSB offered staff paid career breaks in an effort to cut costs.
Today's announcement that it is closing 11 branches follows the closure of its network of 48 tied agents earlier this year.
In a statement this afternoon, the UNITE trade union said its members had agreed to incentivised career breaks, comprehensive redeployment and an effective recruitment embargo.
'We do feel let down and disappointed at this requirement to close branches with consequent redundancy, and inevitable disruption and redeployment for those members remaining with the organisation,' the statement added.
