TSB will close 70 more branches over the next year – nearly a quarter of its remaining network – as more customers switch to digital banking.
The lender’s announcement, described by the union Unite as a “bitter blow”, adds to the 164 closures announced in 2020 and attributed to a drop in customer use of the branch, which the bank said was sped up by the pandemic.
TSB said 150 employees will be affected but all must be given alternate roles at the enterprise.
The bank, once swallowed up by Lloyds in the 1990s, resurfaced on the streets as a separate brand with more than 600 branches in 2013 and was later taken over by Spain’s Sabadell, the owner. its present existence.
After the latest shutdown – matching the cuts seen in the banking industry – it will be left with just 220 sites, which it said makes it the seventh-largest network in the UK.
TSB said that in recent years, the company has seen a “significant decline in branch utilization” and “there is no prospect of branch transactions returning to pre-COVID levels”.
The latest announcement follows a strategy the bank laid out two years ago to downsize its highway network and invest in digital services.
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“The COVID-19 pandemic has further accelerated the shift away from branch services, with customers shopping and transacting more online,” TSB said.
“More than 90% of customer transactions are now done digitally, and video banking accounts for more than 90% of mortgage appointments.”
It said the branches that will be closed do about 32 percent fewer transactions than the TSB national average and that there is a Post Office or free-to-use teller machine within a mile of each affected location. enjoy.
Robin Bulloch, TSB’s Chief Customer Officer, said: “Closing a branch was an incredibly difficult decision to make, but we had to respond to changes in the way people bank and offer a mix of services. suitable service for all of our customers now and in the future. . ”
TSB said it is also upgrading about 140 branches and opening a “pop-up” service in communities where it takes longer to get to the nearest branch.
Sabadell said it currently has no plans to sell TSB after it recently rejected an unsolicited offer from Co-op Bank.
British banks have stepped up branch closures in recent months, with Lloyds cutting 48 and Virgin Money saying it will close nearly a fifth of branches.
Unite general secretary Sharon Graham said: “TSB cutting its branches by a quarter by 2022, which, in addition to the closing numbers, is a bitter blow to many communities.
“Unite remains deeply concerned by the drastic reduction in the number of branches across the banking sector and we call on the government and banking regulators to urgently step in to ensure cash is readily available in the banking sector. all communities.”
Here is a list of affected branches and their closing dates for the coming year:
Aylesbury – 1-3 Market Street – April 19
Barnsley – 17 Market Hill – June 16
Bath – 10 Quiet Streets – June 15
Bermondsey – 253/255 Southwark Park Road – 27 April 27
Bishop’s Stortford – 3 The Corn Exchange – May 26
Bromley – 58 High Street – May 18
Bury St Edmunds – 8 Guildhall Street – May 26
Camberley – 54 High Street – May 5
Cambridge – 6 St Andrews Street – April 20
Cle opensys – 77 Victoria Road West – June 8
Colchester – 2 Culver Street West – May 31
Coldside, Dundee – 101 Strathmartine – April 13 13
Cirencester – 37 Market Place – June 14
Denton – 38 Ashton Road – May 17
Ealing – 31 New Broadway – May 5
Eastbourne – 76 Terminus Road – May 17
Ellon – 36 Bridge Street – April 19
Exeter – 6 High Street – June 21
Forfar – 20 East High Street – April 14
Forres – 156 High Street – April 27
Fort William – 6 Tweedale High Street – April 20
Frodsham – 96 Main Street – 22 Jun 22
Garston – 6 Speke Road – June 9
Gateshead – 264 High Street – May 10
Gillingham, Dorset – Sydenham House – June 15
Greenwich – 6 Crescent Arcade – April 28
Harlesden – 58 High Street – April 28
Horsham – Springfield Court – May 12
Kirkintilloch – 4 Alexandra Street – April 28
Lanark – 25 Bannatyne Street – 27 April 27
London West End – 68 Baker Street – May 4
Longbridge – 1401 Bristol Road South – June 28
Louth – 11-13 Eastgate – May 24
Maidstone – 16 High Street – May 10
Maryport – 109/111 Senhouse Street – May 10
Melton Mowbray – 23-25 High Street – June 1
Morden – 66 London Street – 11 May
Morecambe – Lunedale House – June 7
Nelson – 23 Manchester Road – May 18
Newbury – 26 Northbrook Street – June 7
Newton Aycliffe – Unit 3B, Greenwell Line – May 3
Northallerton – 164 High Street – May 3
Norwich – 65 Magdalen Street – June 28
Ossett – 3 Wesley Street – May 17
Oxford – 17 George Street – June 7
Redcar – 87-89 High Street – May 4
Redditch – 4 Unicorn Hill – June 2
Retford – 1 Carolgate – May 24
Romford – 3 Stewards Walk – May 31
Ross-On-Wye – 9a Gloucester Road – June 22
Rushden – 133 High Street – April 21
Sherwood – 583 Mansfield Road – June 29
Shrewsbury – 45 High Street – June 28
Solihull – 58 Poplar Road – June 1
Southend-On-Sea – 32 London Road – June 2
Stranraer – 21 Castle Street – April 28
Sutton – 79 Ellamsbridge Road – May 26
Swaffham – 61 Market Place – May 24
Taunton – 34 North Street – April 12
Thornbury – 9 St Mary’s Way – June 9
Thursday – December 14 Traill Street – April 21
Tunbridge Wells – 62 Mount Pleasant Road – May 19
Uxbridge – 24 Checkers Square – May 4
Weston-super-Mare – 12 Walliscote Road – June 23
Wilmslow – Emerson Court, Alderley Street – June 14
Wimborne – 5 The Square – April 13
Winsford – 160 High Street – June 21
Woodseats, Sheffield – 1 Abbey Lane – June 15
Worcester – 24 Mealcheapen Street – June 21
Yeovil – King George Street – April 12
