TSB shutting 164 bank branches as 900 jobs to go in latest high street misery

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High street bank TSB is closing 164 branches nationwide, resulting in the loss of more than 900 jobs.

The closures represent around a third of the bank's national network.

Those workers at the affected branches will be offered voluntary redundancy.

All the branches on the chopping board see very little business, bosses said, with some having fewer than 100 regular customers.

In a statement, TSB chief executive Debbie Crosbie said: "These branches were inherited from Lloyds and are very poor performers. They are not in the right spots, nor have the right facilities."

But she insisted the bank remains committed to face-to-face banking.

She told The Sun: "We are not walking away from our branch presence."

TSB will still have 290 remaining branches, making it the seventh-largest UK network.

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The bank also says it is creating 120 digital and customer services roles to deal with the changing landscape.

Ms Crosbie added: "We are reshaping our business to transform the customer experience and set us up for the future.

"This means having the right balance between branches on the high street and our digital platforms, enabling us to offer the very best experience for our personal and business customers across the UK."

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Most of the branches scheduled to shut are in rural areas, but TSB insists it will ensure vulnerable customers can still access cash.

It says 94% of TSB customers can travel in 20 minutes or less to a branch, and the new network will have an average of 17,000 customers per branch, which remains below the UK average.

TSB customer banking director Robin Bulloch said: "Alongside these changes, we will continue to invest in our remaining branch network to offer high-quality banking services, fully integrated with improved digital capability.

"We are working to ensure the transition towards digital – which is being seen right across the economy – is handled sensitively and pragmatically for our colleagues and customers. We’re taking steps to support vulnerable customers and those in rural locations."

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