TSB, a leading high street bank, has announced significant changes to its operations that will result in the loss of 250 jobs and the closure of 36 branches. The job cuts will primarily impact the fraud operations department, central operations, and branch staff.
According to trade union Unite, this decision by TSB is a “grave mistake” that will ultimately lead to a downgrade in service for customers due to the reduction in staff. The latest round of branch closures is set to begin in September and will continue until May of next year. After the closures, TSB will have a total of 175 branches across the UK. Additionally, ten branches have already been closed over the past year.
The branches slated for closure in September are located in Alloa, Bedworth, Birmingham (Pype Hayes), Bridlington, Buxton, Carmarthen, Cwmbran, Dovercourt, Edinburgh (Leith), Felixstowe, Frome, Glasgow (Cardonald and Castlemilk), Haddington, Hounslow, Lerwick, Leven, London (Bethnal Green and Clapham), Longton, Manchester (Middleton), Newcastle upon Tyne, Peterhead, Sheerness, Stornoway, Torquay, and Whitehaven. The branches set to close in May 2025 are located in Amble, Aylsham, Banff, Bedlington, Bude, Crook, Flint, Tenbury Wells, and Whitchurch.
TSB stated that the closures were necessary due to the increasing number of customers who conduct their banking online. The bank also cited the need for a better balance between staff in face-to-face and digital roles. However, the closures are a cause for concern for Unite, as they believe the reduction in local branches will negatively impact customers who require support for financial fraud.
A spokesperson for TSB explained that these changes were crucial for the bank to remain competitive and simplify its operations. They also stated that they are committed to supporting impacted colleagues and exploring redeployment opportunities. Additionally, the bank is continuously innovating and integrating various services such as video, telephone, digital, and branch services to provide customers with more ways to bank.
Unite regional officer Andy Case expressed concern for the workers who will lose their jobs, stating that they perform essential work in the fraud departments and across the branch network. He also mentioned that through extensive negotiations, Unite was able to reduce the number of jobs at risk. However, the union believes that TSB should reconsider their decision to close branches, especially at a time when customers need support from their local banks for financial fraud.
The union is currently in talks with TSB to prevent further job cuts. The announcement of these cuts was not unexpected, as the CEO of TSB’s Spanish parent company Sabadell had previously stated in February that cost-saving initiatives would result in job losses and branch closures.
