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TSB to close 82 branches in a bid to save £100m

By Charlotte Ricca

Bank aims to “transform” its digital channels

TSB to close 82 branches in a bid to save 100m

TSB is to close 82 branches and invest £120m ($180m, €160m) to “transform” its digital channels over the next three years.

TSB’s chief executive Debbie Crosbie unveiled her new strategy on November 25, which promises to save £100m by 2020, while increasing profit by the same amount, to £140m.

Crosbie took over from Paul Pester as CEO last year, after he resigned following the bank’s IT disaster which saw millions of customers locked out of their accounts.

Dubbed the “Totally Shambolic Bank”, Crosbie is now trying to restore the bank’s reputation with a “relentless” focus on customer service.

According to TSB, the branch closures, which could see up to 400 employees lose their jobs, are in response to changing customer behaviour.

"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,” said Crosbie.

“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.”

TSB expects three-quarters of its customers to use online banking over the next three years, while more than 90 per cent of transactions will be self-service by 2022.

FURTHER READING: Google to start offering bank accounts in 2020

FURTHER READING: Lloyds bank profits fall sharply due to £1.8bn PPI charge

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