TSB warns of 900 job losses at it announces closure of 164 branches

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About 900 TSB employees are set to lose their jobs as the bank announces it is to close 164 branches as customers increasingly turn to online banking.

The Spanish-owned bank said said the closures were a result of a marked shift in customer behaviour as fewer people use branches in favour of online banking.The bank said it expects most of the 900 redundancies to be voluntary but did not rule out forcing staff out.

  • ITV News Economics and Business Editor Joel Hills explains impact of possible TSB job losses

The planned closures will reduce TSB's presence on the high street by a third, but said nine in ten customers will have less than 20 minutes travel to one of its remaining 290 branches.

TSB chief executive Debbie Crosbie said the closures were a result of a "marked shift to digital banking" among their customer base.

Ms Crosbie said: “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.”

ITV News Business and Economics Editor Joel Hills noted that TSB launched in 2013 with a pledge to expand its network of 631 branches.

Union leaders urged the bank to reconsider its streamlining which would affect "local customers" as well as staff.

Dominic Hook, Unite national officer, said: "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."