Changing customer behaviour will see TSB closing eighty two branches next year, the bank has revealed today as it unveiled its new growth strategy for the next decade.
TSB’s CEO Debbie Crosbie outlined the Bank’s three-year strategy today to restore the Bank’s competitiveness through a relentless focus on better serving its customers which includes £120m investment to transform its digital channels over next three years.
The bank hopes to save £100m from its High Street operations also cutting up to 400 jobs over the course of next year,
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.”
Sabadell CEO, Jaime Guardiola said: “TSB brings enhanced scale and broader geographical diversification to the Group, and is a key lever to improve our profitability going forward.”
“The Strategic Plan we present today sets the stage for TSB’s future growth. TSB has a strong starting position and a well-defined plan to deliver all the commitments.
“I am very confident that TSB has the right team to deliver this plan and they have all the support from the Group.”