TSB to close 82 branches putting hundreds of jobs at risk
TSB is to close 82 branches next year as part of a revamp, threatening up to 400 jobs.
Those branches to be axed are in older and less busy premises - but CEO Debbie Crosbie insisted that two thirds of TSB’s 5million customers would be within four miles of a branch.
She added that those earmarked for closure were not fit for purpose, for example due to lack of decent wifi or parking facilities.
The outlets to be shut will be named this Thursday after staff have been informed.
TSB said it will try to find new roles for the 300 to 400 workers affected by the overhaul.
The Spanish-owned bank currently has 540 UK branches and is battling to restore its reputation after last year’s huge IT failure, which hit 1.9 million customers.
Gareth Shaw, Head of Money, Which?, said: “TSB’s plan to close almost 100 branches will be a huge blow to many customers and goes against what millions of consumers say they want from their bank.”
He added: “Our research has found two thirds of people would find life difficult without convenient access to a branch, while 11 million people lack the confidence to carry out basic banking tasks online.”
More than a third of the UK’s bank branches have shut their doors since 2015.
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The closures are part of a plan by Ms Crosbie to turn a profit of between £130million and £140million.
TSB will also invest another £120million in digital products.
“The plan we’re sharing today involves some difficult decisions, but it sets TSB up to succeed in the future,” explained Ms Crosbie.
The move comes amid a fierce price war in the mortgage market.
Moneyfacts revealed yesterday that the number of 10-year fixed rate mortgages has reached 158 products and the average mortgage rate for a homeloan fixed for that term currently stands at a record low of 2.76 per cent.
