TSB to shut 82 branches next year
An additional four branches will shut by the end of 2019 so altogether the bank’s branch network will reduce from 540 to 454.
The bank said it will invest around £120m to “create a great digital experience” for customers over the next three years.
Part of the investment will go towards improving self-service in branches.
Chief executive Debbie Crosbie said: “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.”
The announcement comes days after the troubled bank suffered yet another IT issue.
Thousands of customers were left without access to their salaries and other payments last week after issues with the bank’s systems.
In 2018, a huge computing failure saw about 1.9 million customers locked out of their accounts for several weeks and triggered an unprecedented wave of fraud.
An independent report by law firm Slaughter and May into the incident found TSB’s board “lacked common sense” regarding a data migration project carried out in conjunction with TSB’s parent company Sabadell and its IT arm Sabis.
Locations of branch closures will be announced on 28 November after TSB’s employees have been informed. The bank said 300-400 staff members will be affected.