TSB to shut 82 branches – threatening 400 jobs
The latest shake-up comes as the COVID-19 pandemic accelerates the shift from over-the-counter to digital banking.
By John-Paul Ford Rojas, Business reporter @JPFordRojas
TSB has announced plans to close 164 branches and cut 969 jobs as it accelerates a shake-up launched last year.
The cuts, blamed on the shift in customer behaviour from over-the-counter to online banking – accelerated by the COVID-19 pandemic – will reduce its high street network to 290.
That compares to more than 600 branches when TSB was relaunched in a spin-off from Lloyds Banking Group in 2013.
The bank said it was registering almost 4,000 customers a day for its digital app, up from 1,200 before the pandemic, while the proportion of transactions made digitally or through automation – already at 90% last year – had risen further during the outbreak.
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.