TSB has announced the closure of 164 branches across the UK, with 900 roles set to be axed in a bid to restructure the business.
According to the bank, it anticipates that the “vast majority” of redundancies will be voluntary. A total of 969 roles will be cut, while 120 operational roles will be created.
TSB said it will now implement a comprehensive training programme to help those made redundant find future roles. It has also consulted with unions Accord and Unite.
The move follows a “significant shift” in customer behaviour, including a reduction in the number of customers using branches and an acceleration in digital adoption.
It also forms part of the TSB’s three-year strategy, previously announced last November, when it set out its intention to reduce its branch network “in order to remain competitive compared to the wider industry”.
It added that the changes announced today “accelerate the pace of the overall branch transformation”.
Debbie Crosbie, CEO of TSB, said: “Closing any of our branches is never an easy decision, but our customers are banking differently – with a marked shift to digital banking. 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.”
Robin Bulloch, customer banking director at TSB, added: “Alongside these changes, we will continue to invest in our remaining branch network to offer high quality banking services, fully integrated with improved digital capability.
“We are working to ensure the transition towards digital – which is being seen right across the economy – is handled sensitively and pragmatically for our colleagues and customers. We’re taking steps to support vulnerable customers and those in rural locations.”