Bank to shed 900 jobs in raft of branch closures
TSB has announced it is to close 164 of its branches and cut 960 jobs, blaming shifts in customer behaviour as more customers bank online.
The figure is in addition to the 82 branches it said it would close in November, when it outlined plans to save £100m by 2022.
From the end of next year TSB will have 290 branches – down from 475 at present.
The bank said: “As part of today’s announcement and other wider changes in its business, TSB is removing around 900 roles. It is anticipated the vast majority will be colleagues who come forward for voluntary redundancy.
“The changes have been driven by a significant shift in customer behaviour, including a reduction in the number of customers using branches and a significant acceleration in digital adoption.”
TSB said it will introduce 100 mobile advisors to provide additional support to some communities across the country where branches are closing.
The bank is making a total of 969 role reductions while 120 new operational roles are being created meaning there will be an overall net reduction of 849 roles.
Changes are being made across the branch network, and in mortgages and customer service operations teams.
TSB said: “Where possible, role reductions will come through voluntary redundancy and TSB is implementing a comprehensive training programme to support those leaving the business find future roles. TSB has consulted with its recognised unions Accord and Unite.”
Debbie Crosbie, chief executive of TSB, said: “Closing any of our branches is never an easy decision, but our customers are banking differently – with a marked shift to digital banking.
“We are reshaping our business to transform the customer experience and set us up for the future. This means having the right balance between branches on the high street and our digital platforms, enabling us to offer the very best experience for our personal and business customers across the UK.
“We remain committed to our branch network and will retain one of the largest in the UK.”