TSB to close 82 bank branches
TSB plans to close 82 branches next year, as part of a three-year cost saving strategy unveiled by new chief executive Debbie Crosbie today (25 November).
The bank, which aims to save £100m by 2022, has 540 branches. The closures will reduce its branch network to 454.
TSB said it currently has 1.6 branches per 10,000 customers – more than double the UK average (0.8).
TSB plans to close 82 branches next year, as part of a three-year cost saving strategy unveiled by new chief executive Debbie Crosbie today (25 November).
The bank, which aims to save £100m by 2022, has 540 branches. The closures will reduce its branch network to 454.
TSB said it currently has 1.6 branches per 10,000 customers – more than double the UK average (0.8).
The findings follow a “detailed” review of the branch network, which covered “usage, proximity to alternative branches, the needs of vulnerable customers and the accessibility of alternative services such as free to use ATMs and the post office”.
A statement from the bank said that it plans to invest in self-service in branches and flagship branches, to complement its focus on digital services.
Charges relating to the restructuring are expected to tally around £180m by 2022. The bank also outlined plans to invest £120m in its digital channels during the same period.
Crosbie said: “Our new strategy positions TSB to succeed in a challenging external environment at a time when we know customers want something different and better from their bank.
“The plan we’re sharing today involves some difficult decisions, but it sets TSB up to succeed in the future. Taken together, these changes will help us to serve more customers, better, for the long-term.”
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