TSB will axe 900 jobs and close 164 high street bank branches

TSB has said it will cut around 900 jobs as part of plans to close 164 of its high street bank branches. 

The Edinburgh-based bank said it expects most of the redundancies to be voluntary but did not rule out forcing staff out. TSB added that its branch network would be the seventh biggest in the UK after the closures reduce it by a third.

In comes in the context of a bloodbath on the high street, with 193,731 job losses now announced by major British employers since the start of the lockdown in March.

TSB also said that more than nine in ten customers will have less than 20 minutes travel to a branch, and that people are increasingly banking online.
The bank, part of Spain's Sabadell, said the cuts were part of its three-year strategy to reduce costs to stay competitive. 

The company has previously said it intended to reduce the size of its branch network but has now accelerated plans amid the pandemic.
It will leave the bank with 290 branches, more than halving its store estate over the past seven years.

TSB chief executive Debbie Crosbie said: 'Closing any of our branches is never an easy decision but our customers are banking differently - with a marked shift to digital banking.
'We are reshaping our business to transform the customer experience and set us up for the future. 

'This means having the right balance between branches on the high street and our digital platforms, enabling us to offer the very best experience for our personal and business customers across the UK. 'We remain committed to our branch network and will retain one of the largest in the UK.'

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