Permanent tsb is taking the good bank-bad bank route and cutting 250 jobs

This may sound familiar – an Irish bank is separating itself into a good bank, an asset management unit to run down bad loans and (OK, this bit is new) a UK mortgage loan business. As it does so, it’s stripping out 10% of its headcount, or 250 people.

No, this isn’t Anglo Irish Bank, which is currently at the centre of yet more controversy after Sean Fitzpatrick was arrested last night, but permanent tsb. The bank already cut 350 jobs last year, but is reducing headcount by a further 250 as it closes 16 branches.

Staff will be entitled to three weeks’ pay per year of service if they put their hand up for redundancy, plus statutory pay. The bank is aiming to implement the redundancies voluntarily, but says the restructuring will take place as a "matter of urgency".