Hundreds of jobs could be axed at TSB as 82 branches set to close next year

25 November 2019, 17:22

A branch of TSB bank in Greenwich, London
A branch of TSB bank in Greenwich, London. Picture: PA

By Megan White

Hundreds of jobs could be axed by TSB as they prepare to shut 82 branches across the country next year.

In another blow to the UK high street, the bank said that it was cutting back its locations to refocus on profits.

Staff will be told if their bank is affected in the coming days, and a full list of sites slated for closure will be published on Thursday.

The banks on the list employ around 300 to 400 people, chief executive Debbie Crosbie said on Monday.

But she stressed that TSB would try to find them new roles within the group.

The bank must cut costs to compete with many of its peers, Ms Crosbie said as she unveiled a wider plan to save around £100 million by 2022.

She hopes this will help TSB turn a profit of between £130 million and £140 million.

Ms Crosbie said: "There is no doubt we have got challenges to face. Put simply, the biggest barrier for TSB's future is that we're much more expensive to run than our competition.

"The plan we're sharing today involves some difficult decisions, but it sets TSB up to succeed in the future.

"Taken together, these changes will help us to serve more customers, better, for the long-term."

TSB stressed that it had twice the number of branches per 10,000 customers in 2018 than the UK average.

But the closures and the focus on digital raised fears that some customers might be left behind as the branches they have always used are abandoned.

"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," said Gareth Shaw, the head of money at Which?.