You are here: Home - Saving & Banking - News -

TSB to shut 82 branches next year

Written by:
TSB is to close 82 branches next year as it invests more in digital solutions, products and services.

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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week