TSB confirms locations of 82 branches slated for closure
TSB has revealed which branches are to close as part of a £100.0m-cost cutting programme announced earlier this week.
Banco de Sabadell
€1.64
18:16 25/04/24
IBEX 35
10,983.70
18:45 25/04/24
The 82 branches, which will shut next year, are spread across the country, with 12 scheduled for closure in London, 14 in the Midlands, and 19 in the north. A number across the south east and west will also shut, as will 17 in Scotland.
TSB will be left with a network of 454 branches after the closures.
The three-year cost-cutting programme, announced by recently installed chief executive Debbie Crossland, is intended to simplify the business and refocus the bank on improved customer service. Unite has called it a “tragedy” for the banking sector, however.
Robin Bulloch, customer banking director at TSB, said: “We will fully support customers through this transition.
“We realise this is difficult news for our branch partners and will do everything to support those affected to offer voluntary redundancies and redeploy as many people as we can to other roles.”
Last year, TSB’s IT systems collapsed, bringing online banking to a halt and leaving 1.9m customers locked out of their accounts for days. Chief executive Paul Pester was ousted shortly afterwards.
So far TSB has paid out £366.0m to cover costs associated with the debacle, around £130.0m of which was customer compensation. Investigations by the Financial Conduct Authority and Prudential Regulation Authority are ongoing.
TSB is owned by Spanish banking group Banco Sabadell.