TSB set to cut more than 900 jobs and close 164 branches
National bank TSB has today announced that it will be closing 164 of its nationwide branches and cut 960 jobs, blaming a shift in customer behaviour towards online banking.
TSB had already announced that it would be shutting 82 branches in November, as part of its plans to save £100m by 2022. Following this, TSB will have 290 branches – down from 475 currently across the UK.
TSB hopes that many of today’s cuts will come through voluntary redundancies.
The bank plans on creating 120 new positions next year.
TSB Chief Executive Debbie Crosbie said: “Our customers are banking differently – with a marked shift to digital banking. 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.”
Unite’s National Officer Dominic Hook commented: “Unite has argued for some time that the financial services industry has a social responsibility not to walk away from its local customers who continue to need access to banking in bank branches. It beggars belief that just seven years ago TSB had 631 local branches and this announcement will reduce that number to merely 290 branches.”