More high street bank branches are set to close after TSB said it would shut a further 29 sites this year as its customers move online.
The challenger bank, which was spun out of Lloyds Banking Group and is now owned by Spanish lender Sabadell, said that no jobs would be lost as a result of the closures, as staff will be offered alternative roles at other sites and many employees already work in more than one TSB branch. However, it takes the total number of TSB sites that will close this year to 38, leaving TSB with 550 branches. A list of the branches that are set to disappear is below. “While we continue to focus on upgrading the branches that people use most, some locations are very quiet, serving fewer than 200 people a week,” TSB said. “In some cases this is because there is another branch less than a mile away.”
Thousands of bank branches have closed in recent years as more and more Britons choose to carry out their banking online. Last month, HSBC revealed that it would cut as many as 180 jobs after deciding to close an extra 62 branches, taking the total number of sites it will shutter in 2017 to 117 in a move that should bring an end to its wide-ranging branch shedding programme. In December, consumer group Which? found that HSBC had closed the doors at 321 branches since January 2015, accounting for some 27pc of its network and the highest number closures of any UK lender over that period.
While TSB is closing some branches, the challenger bank is also investing in areas where it enjoys much heavier footfall. It is in the middle of a £250m plan to overhaul branches and its digital services and said today that it had refurbished more than 150 locations in the past two years. The lender added: “There will still be a TSB branch within two miles of 42pc of the population and we will continue to invest in our network. “While the vast majority of bill payments and other similar tasks are now done online, half of new current accounts are still opened face to face and many people also prefer to deal with important transactions, such as taking out a mortgage, face to face.”
List of TSB branches set to close:
Birmingham (Small Heath)
Bridge of Allan
Glasgow (Charing Cross)
Huddersfield (Ramsden Street)
Manchester (Cross Street)
Nottingham (Sneinton Dale)
Paisley (Neilston Road)
Sheffield (Charles Street)
Southampton (London Road)