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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Shoppers charged £100s to return goods to dodgy ‘top ranking’ retail sites

Customers are being charged up to £300 to return online purchases to ‘dodgy’ retailers which pay Google to sit prominently...