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TSB Announces Closure Of 36 Branches And 250 Job Cuts

By Nithya Bose in Business News, posted May 9, 2024

High street bank TSB said it will close 36 branches and cut 250 jobs as it adjusts to the increasing trend of online banking.

The bank aims to balance its workforce between digital and face-to-face services.

The job reductions will primarily affect the bank's fraud operations, central operations departments, and employees at the designated branches for closure.

Unite, the trade union, warned that it represents a "grave mistake" and customers would "undoubtedly suffer a downgrade in service from these job cuts."

The closure process will begin in September and extend until May 2025.

TSB has already closed ten branches over the past year.

The upcoming closures will reduce the bank's physical presence to 175 branches nationwide.

The branches set to close this September are located in various regions, including Alloa, Bedworth, multiple locations in London and Glasgow, and other towns across the UK.

Additional closures planned for May 2025 will affect branches in places like Amble, Aylsham, and Whitchurch, among others.

Unite: "At a time when customers are increasingly concerned about financial fraud and often need support from a local bank branch this is the wrong course of action"

TSB has stated that the restructuring is necessary to stay competitive and streamline operations.

A TSB spokesperson said the changes are "to remain competitive" and "to simplify the way we operate".

"Our priority is to consult with impacted colleagues to ensure they're fully supported, maximising redeployment opportunities where we can."

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"We remain committed to a national branch network and through innovation and integration with video, telephone, digital, branch and other face-to-face services TSB customers have more ways to bank with us than ever before."

Andy Case, a regional officer for Unite, said the employees facing job cuts "perform essential work in the fraud departments and across the branch network."

"Through extensive negotiations Unite has been able to substantially reduce the number of jobs at risk.

“However, that isn't sufficient, the union is pressing TSB to urgently reconsider its damaging bank branch closures plan.

"At a time when customers are increasingly concerned about financial fraud and often need support from a local bank branch this is the wrong course of action."

Unite said it’s in talks with TSB to prevent additional job cuts.

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