Where the hiring is at permanent tsb

For anyone working in permanent tsb’s retail bank, job prospects are – of course – shaky. As the bank rolls out a new strategy, 250 people are set for the axe, predominantly within its branch network.

However, it’s also looking to hire. As it revealed in its interim report released today, it’s investing significantly in resources for its new collections unit to oversee the mortgages in arrears on its books. This is something other banks in Ireland are also having to do.

Elsewhere, its ‘bad bank’ – also known as the Asset Management Unit – needs to be staffed up and it’s recruiting in this area. Again, with so many banks in Ireland investing in their teams to work out underwater loans, permanent tsb faces real competition finding enough people. At one point last year, pay rises of 20% were being handed out to people with experience in this area.

Finally, it’s also hiring for its finance team.

“Ultimately we need to transform the culture at the bank and increase the focus on individual accountability,” said chief executive Jeremy Masding.

For the first half of this year, permanent tsb posted a loss of €21m. Its loan impairment provisions increased to €437m, up from €333m in 2011.