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

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

  • Edinburgh-based bank says it expects most of the redundancies to be voluntary 
  • TSB said branch network would be the seventh biggest in the UK after closures
  • Some 193,731 job losses now announced by major UK employers since lockdown
  • TSB, part of Sabadell, says cuts are part of three-year strategy to reduce costs

By Mark Duell for MailOnline

Published: | Updated:

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.

TSB has said it will cut around 900 jobs as part of plans to close 164 of its bank branches (file)

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.

TSB chief executive Debbie Crosbie said the bank is 'reshaping our business to transform the customer experience and set us up for the future'

TSB chief executive Debbie Crosbie said the bank is ‘reshaping our business to transform the customer experience and set us up for the future’

‘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.’

Employee unions Unite and TBU strongly criticised the cuts, with Unite calling it a ‘dark day for the finance sector’.

TBU General Secretary Mike Brown said: ‘To throw hardworking staff on the scrap heap in the middle of a pandemic and against the backdrop of the worst financial crisis in a generation is nothing short of scandalous.’ 

Dominic Hook, Unite national officer, added: ‘Unite has urged the bank to rethink these plans and protect these much-needed jobs during the current health pandemic.

‘Not only do these staff deserve more from their employer after showing the utmost loyalty to TSB, customers will be deeply hit by these branch closures.

‘Unite has argued for some time that the financial services industry has a social responsibility not to walk away from its local customers, who continue to need access to banking in bank branches.’ 

In July, a consumer group told how banks have continued to close branches at an ‘alarming rate’ despite new rules introduced to protect them.

HSBC, Lloyds, Santander, the Co-Op Bank, TSB and Virgin Money have together closed more than 600 branches since protective measures were launched in 2017, according to Which?.

A study by consumer group Which? in July found banks and building societies had closed (or scheduled the closure) of 3,588 branches since January 2015, at a rate of about 55 each month

A study by consumer group Which? in July found banks and building societies had closed (or scheduled the closure) of 3,588 branches since January 2015, at a rate of about 55 each month

And NatWest and Barclays have shut 651 and 386 branches respectively in the past three years, the investigation found.

Under the rules – called the Access to Banking Standard – banks are required to consider what impact any closures would have on residents and publish their findings.

They must also give customers at least 12 weeks’ notice before shutting down and clearly signpost alternative services, such as a nearby Post Office.

Yet despite leaving many areas without a single branch, not one of the banks has reversed a closure in three years, Which? said.

Nearly 200,000 job losses revealed by UK firms since lockdown began 

Some 193,731 job losses have been announced by major British employers since the start of the lockdown in March as follows:

  • September 30 – TSB – 900 
  • September 22 – Wetherspoon – 400 to 450
  • September 22 – Whitbread – 6,000
  • September 18 – Investec – 210
  • September 15 – Waitrose – 124
  • September 14 – London City Airport – 239
  • September 9 – Lloyds Bank – 865
  • September 9 – Pizza Hut – 450
  • September 4 – Virgin Atlantic – 1,150
  • September 3 – Costa – 1,650
  • August 27 – Pret a Manger – 2,800 (includes 1,000 announced on July 6)
  • August 26 – Gatwick Airport – 600
  • August 25 – Co-operative Bank – 350
  • August 20 – Alexander Dennis – 650
  • August 18 – Bombardier – 95
  • August 18 – Marks & Spencer – 7,000
  • August 14 – Yo! Sushi – 250
  • August 14 – River Island – 350
  • August 12 – NatWest – 550
  • August 11 – InterContinental Hotels – 650 worldwide
  • August 11 – Debenhams – 2,500
  • August 7 – Evening Standard – 115
  • August 6 – Travelex – 1,300
  • August 6 – Wetherspoons – 110 to 130
  • August 5 – M&Co – 380
  • August 5 – Arsenal FC – 55
  • August 5 – WH Smith – 1,500
  • August 4 – Dixons Carphone – 800
  • August 4 – Pizza Express – 1,100 at risk
  • August 3 – Hays Travel – up to 878
  • August 3 – DW Sports – 1,700 at risk
  • July 31 – Byron – 651
  • July 30 – Pendragon – 1,800
  • July 29 – Waterstones – unknown number of head office roles
  • July 28 – Selfridges – 450
  • July 27 – Oak Furnitureland – 163 at risk
  • July 23 – Dyson – 600 in UK, 300 overseas
  • July 22 – Mears – fewer than 200
  • July 20 – Marks & Spencer – 950 at risk
  • July 17 – Azzurri Group (owns Zizzi and Ask Italian) – up to 1,200
  • July 16 – Genting – 1,642 at risk
  • July 16 – Burberry – 150 in UK, 350 overseas
  • July 15 – Banks Mining – 250 at risk
  • July 15 – Buzz Bingo – 573 at risk
  • July 14 – Vertu – 345 July 14 – DFS – up to 200 at risk
  • July 9 – General Electric – 369
  • July 9 – Eurostar – unknown number
  • July 9 – Boots – 4,000
  • July 9 – John Lewis – 1,300 at risk
  • July 9 – Burger King – 1,600 at risk
  • July 7 – Reach (owns Daily Mirror and Daily Express newspapers) – 550
  • July 6 – Pret a Manger – 1,000 at risk
  • July 2 – Casual Dining Group (owns Bella Italia and Cafe Rouge) – 1,909
  • July 1 – SSP (owns Upper Crust) – 5,000 at risk
  • July 1 – Arcadia (owns TopShop) – 500
  • July 1 – Harrods – 700
  • July 1 – Virgin Money – 300
  • June 30 – Airbus – 1,700
  • June 30 – TM Lewin – 600
  • June 30 – Smiths Group – ‘some job losses’
  • June 25 – Royal Mail – 2,000
  • June 24 – Jet2 – 102
  • June 24 – Swissport – 4,556
  • June 24 – Crest Nicholson – 130
  • June 23 – Shoe Zone – unknown number of jobs in head office
  • June 19 – Aer Lingus – 500
  • June 17 – HSBC – unknown number of jobs in UK, 35,000 worldwide
  • June 15 – Jaguar Land Rover – 1,100
  • June 15 – Travis Perkins – 2,500
  • June 12 – Le Pain Quotidien – 200
  • June 11 – Heathrow – at least 500
  • June 11 – Bombardier – 600
  • June 11 – Johnson Matthey – 2,500
  • June 11 – Centrica – 5,000
  • June 10 – Quiz – 93
  • June 10 – The Restaurant Group (owns Frankie and Benny’s) – 3,000
  • June 10 – Monsoon Accessorise – 545
  • June 10 – Everest Windows – 188
  • June 8 – BP – 10,000 worldwide
  • June 8 – Mulberry – 375
  • June 5 – Victoria’s Secret – 800 at risk
  • June 5 – Bentley – 1,000
  • June 4 – Aston Martin – 500
  • June 4 – Lookers – 1,500
  • May 29 – Belfast International Airport – 45
  • May 28 – Debenhams (in second announcement) – ‘hundreds’ of jobs
  • May 28 – EasyJet – 4,500 worldwide
  • May 26 – McLaren – 1,200
  • May 22 – Carluccio’s – 1,000
  • May 21 – Clarks – 900
  • May 20 – Rolls-Royce – 9,000
  • May 20 – Bovis Homes – unknown number
  • May 19 – Ovo Energy – 2,600
  • May 19 – Antler – 164
  • May 15 – JCB – 950 at risk
  • May 13 – Tui – 8,000 worldwide
  • May 12 – Carnival UK (owns P&O Cruises and Cunard) – 450
  • May 11 – P&O Ferries – 1,100 worldwide
  • May 5 – Virgin Atlantic – 3,150
  • May 1 – Ryanair – 3,000 worldwide
  • April 30 – Oasis Warehouse – 1,800
  • April 29 – WPP – unknown number
  • April 28 – British Airways – 12,000
  • April 23 – Safran Seats – 400
  • April 23 – Meggitt – 1,800 worldwide
  • April 21 – Cath Kidston – 900
  • April 17 – Debenhams – 422
  • March 31 – Laura Ashley – 268
  • March 30 – BrightHouse – 2,400 at risk
  • March 27 – Chiquito – 1,500 at risk