UP TO 120 jobs are at risk at Permanent TSB after the bank announced it would be closing a number of its branches.

Staff have been told of plans to offer a voluntary severance scheme to employees, which will see some branches amalgamated.

The move will affect 11 of its outlets, Permanent TSB said, reducing the number of branches it has to 92.

“We’ve already taken a number of measures to address our cost base such as the incentivised career breaks for staff, and we have already implemented significant reductions in our overhead spend,” said chief executive David Guinane. “However, it is clear that the short-term outlook for new business levels has not improved, and this is the next step in getting the bank fit for the new business environment we face.”

Trade union Unite, which represents 1,500 of the bank’s 2,500 employees, said it would be meeting management next week to discuss redundancies.

The union’s regional officer Colm Quinlan said staff felt “let down and disappointed” at the branch closures. “Throughout the current banking crisis, our members have agreed to incentivised career breaks, comprehensive redeployment and an effective recruitment embargo,” said Mr Quinlan. “Against the background . . . members have consistently remained professional in addressing the needs . . . of Permanent TSB customers.”