TSB to close 82 branches in 2020

TSB has announced it is to close 82 branches next year as part of new plans to make £100m of cost savings by 2022.

The bank currently has 540 branches and is trying to restore the reputation that was damaged following last year's IT failure, which hit 1.9 million TSB customers.

The branches to be shut will not be named until 28 November after staff members have been told, though TSB did not comment on the number of jobs that will be affected.

The bank revealed it will spend £180m on both closing the branches and other restructuring costs.

TSB CEO, Debbie Crosbie, said: "Our new strategy positions TSB to succeed in a challenging external environment at a time when we know customers want something different and better from their bank.

“With a trusted brand, modern platform, and national presence, TSB is well placed to deliver – but we need to make changes to enable us to compete.

“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.”

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