Breaking News: TSB Announces 900 Jobs and Closures of 164 High Street Banks

TSB is closing 164 branches, resulting in the loss of more than 900 jobs.

The Spanish-owned bank announced the closures of around a third of its national network. This comes amid a drop in the number of customers using branches and a significant switch to online banking. TSB said its branch network would still be the seventh biggest in the UK after the closures reduce it by a third and added that more than nine in 10 customers will have less than 20 minutes travel to a branch.

TSB chief executive Debbie Crosbie said: “Closing any of our branches is never an easy decision but our customers are banking differently – with a marked shift to digital banking. She went on to say: “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.”

Unite national officer, Dominic Hook, said: “Unite has urged the bank to rethink these plans and protect these much-needed jobs during the current health pandemic. Not only do these staff deserve more from their employer after showing the utmost loyalty to TSB, customers will be deeply hit by these branch closures. 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 isn’t the first time the TSB has laid off staff and closed branches, in November last the Spanish-owned savings bank took similar action.

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