TSB to cut 900 jobs and close 164 branches

TSB, the Spanish-owned bank is set to close 164 of its branches putting roughly 900 jobs at risk in favour of online banking platforms.

TSB has said it will cut around 900 jobs as part of plans to close 164 of its high street bank branches. Picture: Gareth Fuller/PA Wire

TBS has said this move was necessary as it has seen a significant shift in customer behaviour with more people favouring online banking rather than in-person branches.

The company had previously said it had plans to reduce its branch network but that coronavirus had accelerated the need for the change.

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."

Ms Crosbie said the aim was to find the right balance between high street branches and digital platforms to offer the best experience for personal and business customers in the UK.

She added: "We remain committed to our branch network and will retain one of the largest in the UK."

Dominic Hook, Unite national officer, said: "Unite has urged the bank to rethink these plans and protect these much-needed jobs during the current health pandemic.

"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."

This shift will leave the bank with just 290 branches, more than halving its store estate over the past seven years.

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