Latest news with #FinancialServicesUnion
RTÉ News
14-07-2025
- Business
- RTÉ News
PTSB and unions agrees new pay deal for staff
PTSB and its group of unions have agreed a new pay deal for staff at the bank. The proposals include a 4% pay agreement divided evenly between a "general increase" and a "performance" pay model which is backdated to 1 January 2025. There will be an increase to entry level salaries to €29,580, as well as increases to the existing grade minimum and maximums. From July to December 2025, a special representative grouping will work on the bank's present Performance Evaluation System. The agreement was reached on pay negotiations for 2025 following acceptance by members of the Financial Services Union (FSU), Mandate and Unite. In a joint statement, PTSB and unions said the pay agreement was supported by an independent mediator, and followed what have been described as significant and extensive negotiations over the past number of months. "The bank and group of unions welcome the acceptance of this pay agreement by the members and acknowledge the extensive work and effort that took place between all parties to reach this agreement," according to the joint statement.
Irish Times
14-07-2025
- Business
- Irish Times
PTSB agrees 4% pay rise with staff following months of union negotiations
More than 3,000 staff at PTSB will see pay rise by up to 4 per cent following what was described as 'extensive work' in negotiations between the bank and a group of unions. Members of the Financial Services Union , Mandate and Unite The Union voted on Friday to accept the agreement on the pay negotiations. The unions and the bank reached agreement on the 4 per cent offer which they said was divided evenly across two pots, a 2 per cent general increase and a 2 per cent increase through a performance payment model. The increases are set to be backdated to the start of the year. The agreement, which was reached with the support of an independent mediator, comes after 'significant and extensive negotiations' over several months. READ MORE There will also be an increase to the lowest entry-level salary for new staff to €29,580 from €27,500, with any staff currently being paid under the new minimum getting boosted to the new level. The two sides have agreed to put in place a special representative group which will work on the existing performance evaluation system for the remainder of the year. In a joint statement, PTSB and the unions said they 'welcome the acceptance of this pay agreement by the members and acknowledge the extensive work and effort that took place between all parties to reach this agreement'. The mediator said the range of negotiations was 'extensive and quite complex'. The two parties have agreed to start their 2026 pay negotiations in October in the hopes of coming to an earlier agreement. In February, the bank confirmed plans to cut about 300 jobs this year after receiving a strong level of applications for a voluntary redundancy scheme at the start of 2025. Sources told The Irish Times at the time that the scheme had been heavily oversubscribed.
Finextra
10-07-2025
- Business
- Finextra
AIB rolls out Microsoft Copilot to 10,000 employees
Irish lender AIB is deploying Microsoft Copilot to provide 100,000 staff with access to enterprise-grade AI tools. 0 The roll out will embed AI into everyday tools like Outlook, Word, Excel, Teams, and PowerPoint. To extend these capabilities further, AIB's AI Centre of Excellence is also using Copilot Studio to develop tailored AI solutions — for example, enabling teams to synthesise customer insights from complex data sources to support faster, more informed decision-making. In addition, AIB is planning to introduce a secure, AI coding tool for its engineering teams to speed up software development with GitHub Copilot. The bank will also promote peer learning by encouraging the sharing of insights and experiences/ AIB says it will maintain a continuous dialogue with the Financial Services Union on the impact of AI on the workforce. AIB's chief technology officer Graham Fagan, says: 'At AIB, we see responsible AI as having a transformative effect on the experience of our customers and the empowerment of our colleagues. We've been exploring its potential with our employees through collaboration and testing, and now we're scaling it across the organisation to deliver smarter, faster, and more meaningful outcomes for our customers and our people."
Finextra
26-06-2025
- Business
- Finextra
Irish bankers concerned about job displacement through AI
The vast majority of employees in Ireland's financial services believe that the rise of AI will lead to job displacement across the industry, according to a recently released survey. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The survey, conducted by the Financial Services Union (FSU) and thinktank TASC, found that 88% of respondents are concerned about job displacement, while less than 3% disagree with the sentiment. Furthermore, the concerns are becoming more intense - more than half (59%) are less optimsitic about the imapct of AI on their job stability than they were five years ago. In addition, the study also found widespread unease at how AI is being employed within their two-thrids (62%) are concerned about the impact of bias on decision-making processes whiloe a similar number (61%) are uneasy about the use of AI in hiring , firing and promotion decisions. More than half (59%) are also concerned that AI may be used for employer/manager surveillance while 57% cited the potentially negative impact of AI on customer experience. The study also highlighted a widespread lack of training for using the technology - 43% said that they had not received any training and were unaware of any plans to do so. As the report states: "It is incumbent on employers to provide training to employees and to make it easily accessible and releavnt to their position." According to John O'Connell, FSU general secretary, the report is indicative of the concerns it is hearing from workers acorss the sector on a weekly basis. 'The use of artificial intelligence is expanding at an alarming rate across the financial services sector, and it is incumbent on all key stakeholders to ensure AI is used for the benefit of workers and consumers," he said. "It is evident that workers feel unprepared and have justified concerns about the role that AI could possibly play in the future." "Ireland has a responsibility to be at the forefront of a fair and responsible AI transition - one that safeguards rights, promotes inclusion, and shares the benefits of innovation," said Molly Newell, lead researcher at TASC. "A just transition means placing workers at the heart of decision-making. That includes ensuring collective bargaining, preventing bias andintrusive surveillance by employers, and providing meaningful upskilling opportunities." Failure to put such measures in place risks deepening existing inequalities, warned Newell. Some progress has been made. According to the FSU, it has struck an agreement with Bank of Ireland that commits the bank to collectively bargain any changes to employment conditions that may occur due to the expansion of AI. Other reports have made similar points about potential job displacement and a lack of training. A survey published in May by Boston Consulting Group found that only in four firms have progressed from pilots and proof of concepts to fully implement the technology into their daily operations.
RTÉ News
26-06-2025
- Business
- RTÉ News
Widespread concerns among bank staff over AI
There is widespread concern among staff in the financial services sector over the possible effects of artificial intelligence (AI), according to a new survey. The research was conducted by the Financial Services Union (FSU) and the think tank TASC. It shows that job displacement, lack of reskilling opportunities and bias in decision-making are among the top concerns for workers. The report examined both the opportunities and challenges posed by AI and found that 88% of respondents believe AI will lead to job displacement, while 60% report feeling less secure in their roles than they did five years ago. Over 61% of respondents expressed unease about AI being used in hiring, firing, and promotion decisions. More than half of workers said they are concerned about increased managerial oversight and surveillance through AI systems, fearing a loss of privacy and greater performance monitoring. Despite these concerns, some workers recognised AI's positive impacts. Around 45% of respondents said they feel AI may lead to less time spent on administrative tasks and 30% feel it may improve data analytics. "The use of artificial intelligence is expanding at an alarming rate across the financial services sector, and it is incumbent on all key stakeholders to ensure AI is used for the benefit of workers and consumers," said FSU General Secretary John O'Connell. "The FSU has successfully concluded an AI agreement with Bank of Ireland which commits the bank to collectively bargain any changes that may occur due to the expansion of AI," Mr O'Connell added. Molly Newell, researcher at TASC, said that without clear commitments to equity, inclusion, and transparency, the widespread adoption of AI in financial services risks deepening existing inequalities. "We must ensure this technology serves the common good - strengthening, rather than undermining, social and economic cohesion," Ms Newell said. The Financial Services Union surveyed 604 employees, 602 of whom were FSU members. On Monday, the Chief Executive of AIB Colin Hunt took part in a panel discussion at a Bloomberg event in Dublin. Asked what impact AI will have on staffing numbers at the bank over the next five years, Mr Hunt said it may lead to a small reduction in net headcount. "I do think that there are certain manual processes that we do now that will be done by AI in the future, and probably net headcount will be broadly stable with a slight downward bias maybe," Mr Hunt said.
