TSB is to remove the best part of 1,000 jobs as it looks to reduce its branch network in order to “remain competitive”.
The high street bank announced yesterday (September 30) that 900 jobs would be lost as 164 branches were earmarked for closure.
FTAdviser understands only a very small number of adviser roles will be lost in the overhaul, with most branch roles becoming centralised.
It is expected the majority of job losses will be colleagues who come forward for voluntary redundancy, the bank added.
TSB put the changes down to the “significant shift” in customer behaviour, including a reduction in the number of customers using branches and a significant acceleration in digital adoption.
It had previously outlined its strategy to reduce its branch network and today’s changes are an acceleration of such plans.
Debbie Crosbie, chief executive of TSB, 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.”
The branches set for closure have been selected to ensure 94 per cent of TSB customers can still travel 20 minutes or less to a branch, the bank said, maintaining it was committed to providing direct face-to-face support for all its customers.
TSB is also enhancing its partnership with the Post Office to include the ability to deposit and withdraw cash using a card, for both business and personal customers, and collect coin change from pre-agreed locations.
Meanwhile, TSB’s digital services have been “bolstered” by its partnership with IBM Cloud which allows the bank to roll out “secure digital offerings at pace”.
Robin Bulloch, customer banking director at TSB, said: “Alongside these changes, we will continue to invest in our remaining branch network to offer high quality banking services, fully integrated with improved digital capability.
“We are working to ensure the transition towards digital – which is being seen right across the economy – is handled sensitively and pragmatically for our colleagues and customers. We’re taking steps to support vulnerable customers and those in rural locations.”
imogen.tew@ft.com
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