TSB to close 36 branches and cut 250 jobs

TSB is to close 36 bank branches and cut 250 jobs in a major operational overhaul at the UK bank.

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TSB to close 36 branches and cut 250 jobs

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The majority of the bank closures will take place in September this year, while some are also scheduled to happen in May 2025.

The job cuts will be in the fraud operations of the bank, central operations as well as job losses in the bank’s branch network.

In its results statement in Feburary, TSB set aside a £29 million provision for restructuring within the UK bank

Unite the Union described the cuts as a "grave mistake".

Unite regional officer Andy Case says: “These workers 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."

TSB says the closures are down to fewer people visiting its branches, with 96% of all TSB transactions now taking place outside of a branch.

The bank says it will be opening two new semi-permanent banking Pods plus six new TSB Pop-ups to compensate for branch closures.

A TSB spokesperson says: “The decision to close a branch is never taken lightly, but our customers are now doing most of their banking digitally and we need to move to a better balance of digital and face-to-face services. 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.”

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