TSB closes 164 branches, spends 969 jobs | Business news

TSB has announced plans to close 164 branches and eliminate 969 jobs while speeding up the change process that was launched last year.

The cuts, blamed on the shift in customer behavior from online banking to online banking – which have been accelerated by the COVID-19 pandemic – will reduce the main street network to 290.

That compares to more than 600 branches when TSB was re-launched in an incidental operation from Lloyd’s Banking Group in 2013.

“Closing any of our branches is never an easy decision,” said Debbie Crosby, CEO of TSB, “but our clients treat banks differently – with a marked shift to digital banking.”

“We are reshaping our business to transform the customer experience and prepare us for the future.

“This means striking the right balance between the main street branches and our digital platforms, enabling us to provide the best experience to our individual and corporate clients across the UK.”

The cuts, scheduled for next year, add to the ongoing program for Announcing the closure of 82 branches When TSB first launched a three-year transformation plan last November.

This means that during this period the number of branches will have decreased from 536 before the shutdown began, although the bank indicated that it would still have the seventh largest network in the UK.

It is the most recent bank to announce a closure, hereinafter Competitive cooperative, Which last month said it was shutting down 18 sites – a while The largest lenders Such as Lloyds And NatWest have been reducing their presence on the main streets.

TSB said it is taking steps to support at-risk clients in rural locations.

The bank said branches designated to close were on average less than 0.3 miles from the nearest post office – TSB customers will be able to make deposits and withdrawals.

It said the vast majority of job losses are expected to come through voluntary layoffs.

A total of 969 “role reduction” will be compensated with the creation of 120 new roles.