TSB to close 164 branches and cut jobs

TSB to close 164 branches and cut jobs

TSB to close 164 branches and cut jobs

TSB will close 164 of its branches and cut 960 jobs, blaming “a significant shift in customer behaviour” as more people bank online.

The figure is in addition to the 82 branches it said it would close in November, when it set out plans to save £100 million by 2022.

It did not name which branches would shut, but said those with the lowest footfall would go.

TSB will be left with a network of 290 branches – the seventh largest in the UK.

It is anticipated the vast majority of lost jobs will be employees who put themselves forward for voluntary redundancy.

The bank had previously set out its intention to reduce its branch network in order to remain competitive. These changes today accelerate the pace of the overall branch transformation.

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.”

TSB said it was taking steps to support vulnerable customers in rural locations.

The bank said branches earmarked for closure were on average less than 0.3 miles to the nearest post office – where TSB customers will be able to make deposits and withdrawals.

Robin Bulloch, Customer Banking Director at TSB, said: “Alongside these changes, we will continue to invest in our remaining branch network to offer high quality banking services, fully integrated with improved digital capability.”

Branches earmarked for closure have been selected to ensure 94% of TSB customers can travel in 20 minutes or less to a branch, and the new network will have an average of 17,000 customers per branch, which remains below the UK average.

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