TSB will close 70 branches next year in a move that will affect 150 jobs as more customers switch to online banking
TSB said it will close 70 branches next year as more customers switch to online banking.
She said 150 jobs would be affected by the move, but that all employees at TSB would be offered alternative roles.
The company said it will have 220 branches remaining at the end of June 2022, compared to 290 branches today. It would still have the seventh largest branch network in the country.
It’s been two years since TSB laid out a plan to shrink its branch network, but the shift to digital banking has accelerated during the pandemic as customers remain stuck at home.
Nine out of 10 transactions now take place online, and 90% of mortgage appointments are video calls, TSB said.
TSB announced that it will close 70 bank branches next year, as more customers switch to online banking.
The bank said there is no prospect of branch transactions returning to pre-Covid levels.
There is a post office or free-to-use cash point within a mile of each branch designated for closing.
TSB Chief Customer Officer Robin Bulloch said: “Closing branches is a very difficult decision, but we must respond to changes in the way people approach banks and provide the right mix of services to all our customers now and in the future.
These changes allow us to maintain a wide branch presence across the country.
They are accompanied by an important investment program to upgrade branches to better suit clients’ needs.
“And where it takes longer to get to the nearest branch, we will offer more ‘pop-up’ services in the communities.”