TSB announces plan to shut 82 branches

TSB is set to close 82 banks across the country as it tries to turn around a business which has been hit by a tough environment.

Monday, 25th November 2019, 12:11 pm
Updated Monday, 25th November 2019, 12:35 pm
TSB is planning on closing 82 branches next year. Picture: Gareth Fuller/PA Wire

The company announced the plans today and said it plans to close the branches in 2020.

TSB currently has banks in Arudnel Street, Portsmouth, as well as in High Street in Fareham.

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It is part of a three-year plan intended to help the bank turn a profit of £130 million to £140 million by 2022.

TSB said it would invest in new flagship branches while automating some tasks away from workers.

The company has 1.6 branches per 10,000 active customers in 2018, it said, ahead of the UK average of 0.8 branches.

TSB’s chief executive 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.

‘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 has not announced which branches will close.