TSB has announced plans to close 70 bank branches next year, putting 150 job at risk.The bank said the latest closures are in response to declining branch use and more customers using digital services.
1TSB announced the bank closures todayCredit: PA
The closures, which will take place between April and June 2022, will result in 150 job cuts but those staff will be offered alternative roles at the company.
TSB’s latest announcement comes after it announced a round of closures last year, when it shuttered 164 branches – or a third of its sites.
In November 2019 it shut down 82 bank branches as part of its closure programme.
It has accelerated its closure plan due to the impact of the pandemic on people’s banking and shopping habits as more consumers move online.
Following today’s announcement, TSB will have 220 sites left across the UK.
TSB’s chief customer officer Robin Bulloch said: “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future.
“These changes allow us to maintain an extensive branch presence across the country.
“They are accompanied by a significant investment programme to upgrade branches to better suit customer needs. And, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities.”
The branches that will be shut down carry out a third fewer transactions than TSB’s national average, the company said.
It added that there is a Post Office or free to use ATM within a mile of each of the sites.
TSB said this morning that there will be no closures where it is the only bank left in the town, and it will open 10 more pop-up branches.
Those pop-up sites will be in Bishops Stortford, Camberley, Fort William, Greenwich, Harlesden, Louth, Redcar, Stranaer, Thurso and Tunbridge Wells.
TSB isn’t the only UK banking chain closing branches.
Other companies are also reducing their high street presence as more Brits switch to online banking.
Last month Lloyd’s and Halifax said they will close 48 sites, having already announced 100 closures in 2021.
Virgin Money announced in September that it will close 31 branches as it “adapts to changing consumer demand”.
Santander shuttered 111 sites before August this year, leaving it with 425 banks nationwide.
Marks & Spencer wound up all of its banks and current accounts in July and at the beginning of the year, HSBC announced it would close 82 branches in 2021.
Which TSB bank branches are closing?