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TSB Bank is set to reduce its workforce by approximately 250 jobs and close 36 branches as part of its cost-cutting efforts and transition to digital services. This announcement follows similar moves by other mid-sized lenders like Metro Bank, Co-op Bank, and Virgin Money.
The decision to cut jobs and close branches comes as TSB aims to streamline its operations and adapt to changing customer preferences. With more transactions now happening online, the demand for in-branch services has significantly declined.
While TSB acknowledges the impact of these decisions on its employees, it emphasizes the need to remain competitive and meet evolving customer needs. However, the move has been met with criticism from the employee union Unite, which argues that these cuts are detrimental to essential functions within the bank.
TSB’s parent company, Banco Sabadell, recently rejected a merger proposal from BBVA, indicating a commitment to its current ownership structure. Despite the challenges, TSB remains focused on optimizing its operations and ensuring its long-term viability in the banking industry.
