PTSB has said that claims by the Financial Services Union (FSU) that up to 500 jobs could be cut at the bank are without foundation.
Earlier this week, PTSB said that a voluntary redundancy scheme that was launched in October for senior managers will now be open to all staff in the bank.
PTSB has not said how many redundancies it is seeking but the FSU said it understood that up to 500 staff could be let go with 100 in IT, 200 in retail and a further 200 across the organisation.
However PTSB said the claims by the FSU are without foundation and added that such speculation is not helpful to staff or customers.
"Once the voluntary scheme closes in January, an informed decision will be made on the number of colleagues that may be approved," the bank said.
The FSU had expressed grave concerns about the redundancy plan which it described as reckless with real consequences for consumers and staff.
"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?" said John O’Connell, General Secretary of the FSU.
"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," Mr O'Connell said.
When it announced the expansion of its redundancy scheme, PTSB said it was undertaking a number of important strategic business transformation change initiatives to enable its strategy and improve organisational effectiveness and efficiency.
