TSB to close another 36 bank branches and axe 250 jobs
A MAJOR banking group is closing 36 branches and cutting hundreds of jobs.
TSB has announced that it will close dozens more bank branches after previously shutting nine sites in 2023.
It will also axe jobs in the fraud operations department of the bank, central operations as well as those in the the branches earmarked for closure.
The latest round of branch closures will start in September, and continue through to May next year.
A TSB spokesman said: “The decision to close a branch is never taken lightly, but our customers are now doing most of their banking digitally, and we need to move to a better balance of digital and face-to-face services.
“We remain committed to a national branch network and through innovation and integration with video, telephone, digital, branch and other face-to-face services TSB customers have more ways to bank with us than ever before.”
It came on the same day that the owner of TSB Bank said rival Spanish bank BBVA had refused to raise its offer to buy the business after Banco Sabadell rejected its £10.3 billion offer.
TSB will have 175 branches across the UK after the latest round of closures.
We’ll update the story once TSB confirms the list of branches affected.
Back in September 2020, the bank said that it would close 164 branches, resulting in 900 job losses.
In November 2021, it announced plans to close 70 more bank branches, leaving 150 people without jobs.
The closures come as big banks look to move more of their services online.
Other big lenders have also been shutting their branches in droves, including HSBC, NatWest, Lloyds, Virgin Money and Halifax.
The closures are largely due to increased customers at major high street banks shifting to banking online and using apps.
Many people, particularly the elderly, still rely on in-person services, and the closures will make it more difficult for this demographic to access services.
However, there are still several ways in which affected customers can access basic banking services without having to venture to the next town.
You can use one of the Post Office’s 11,635 branches to perform basic banking tasks, but you cannot open new bank accounts or take personal loans and mortgages.
Many banks also offer a mobile banking service. This is where your bank brings a bus to your local area with the services usually available at your branch.
You should call your bank to see if it runs a banking bus, and they will be able to tell you where and when it will be parked.
Other banks use buildings such as village halls or libraries to offer mobile banking services.
Banking hubs, which offer traditional shared services, have also been set up in four locations around the UK to help plug the gap — in Brixham, Cambuslang, Cottingham and Rochford.
Banking hubs, which offer traditional shared services, have also been set up in dozens of locations around the UK to help plug the gap.
But more openings are on the way.
How many new banking hubs are planned?
THE first four banking hubs were successfully piloted in 2022 in Brixham, Cambuslang, Cottingham and Rochford.
More have since opened in Acton, Buckingham, Carnoustie and Troon and the following locations:
- Axminster, Devon
- Barnoldswick, Lancashire
- Barton, North Lincolnshire
- Belper, Derbyshire
- Brechin, Angus
- Bury Park, Bedfordshire
- Cambusland, South Lanarkshire
- Carnoustie, Angus
- Cheadle, Staffordshire
- Clay Cross, Derbyshire
- Downham Market, Norfolk
- Haslemere, Surrey
- Hornsea, East Yorkshire
- Horwich, Bolton
- Kilkeel, County Down
- Kilwinning, North Ayrshire
- Kirkcudbright, Dumfries and Galloway
- Knaresborough, Harrogate
- Looe, Cornwall
- Lutterworth, Leicestershire
- Maryport, Cumbria
- Newton Aycliffe, County Durham
- Prestatyn, Denbighshire
- Rochford, Essex
- Royal Wootton Bassett, Wiltshire
- Shoreham-by-Sea, West Sussex
- Stapleford, Nottinghamshire
- Syston, Leicestershire
- Troon, South Ayrshire
- Welling, London
- Welshpool, Powys
Following further branch closures LINK, the UK’s Cash Access and ATM network, has identified a further 83 locations which require banking hubs.
There are 63 banking hubs planned for England in:
- Acomb, York
- Alnwick, Northumberland
- Ampthill, Bedfordshire
- Bacup, Lancashire
- Batley, West Yorkshire
- Bodmin, Cornwall
- Bramhall, Greater Manchester
- Calne, Wiltshire
- Dartmouth, Devon
- Darwen, Lancashire
- Dawlish, Devon
- Dinnington, South Yorkshire
- Earlestown, Merseyside
- Elland, West Yorkshire
- Enfield North, Middlesex
- Ferryhill, County Durham
- Filey, North Yorkshire
- Great Harwood, Lancashire
- Harleston, Norfolk
- Hatfield, Hertfordshire
- Haverhill, Suffolk
- Helston, Cornwall
- Hessle, East Riding
- Heywood, Rochdale
- Holt, Norfolk
- Keynsham, Somerset
- Kirkby-in-Ashfield, Nottinghamshire
- Mablethorpe, Lincolnshire
- Market Rasen, Lincolnshire
- Mildenhall, Suffolk
- Moreton, Birkenhead
- New Rossington, South Yorkshire
- Newland, Hull
- Oakham, Rutland
- Ossett, West Yorkshire
- Otley, West Yorkshire
- Pershore, Worcestershire
- Prescot, Merseyside
- Ramsbottom, Greater Manchester
- Richmond, North Yorkshire
- Royston, Hertfordshire
- Saltash, Cornwall
- Seaham, County Durham
- Sherborne, Dorset
- Shirebrook, Derbyshire
- Sidmouth, Devon
- South Elmsall, West Yorkshire
- Stalybridge, Greater Manchester
- Stone, Staffordshire
- Teignmouth, Devon
- Thorne, South Yorkshire
- Ulverston, Cumbria
- Ware, Hertfordshire
- Wath Upon Dearne, South Yorkshire
- Watton, Norfolk
- Wellington, Somerset
- West Drayton, Middlesex
- West Kirby, Wirral
- Westhoughton, Greater Manchester
- Wetherby, West Yorkshire
- Whitby, North Yorkshire
- Willesden Green, London
- Withernsea, East Yorkshire
Four more banking hubs are planned in Northern Ireland in:
- Comber, County Down
- Newcastle, County Down
- Portrush, County Antrim
- Warrenpoint, County Down
Nine more banking hubs are planned for Scotland in:
- Auchterarder, Perth and Kinross
- Burntisland, Fife
- Carluke, South Lanarkshire
- Crieff, Perth and Kinross
- Cumnock, East Ayrshire
- Forres, Moray
- Girvan, South Ayrshire
- Jedburgh, Scottish Borders
- Kirkcudbright, Dumfries and Galloway
Seven more banking hubs are planned for Wales in:
- Abergele, Conwy
- Abertillery, Blaenau Gwent
- Morriston, Swansea
- Mountain Ash, Mid Glamorgan
- Porthcawl, Glamorgan
- Risca, Caerphilly
- Treorchy, Rhondda Cynon Taf