400 jobs over the next year will be lost due to TSB closing 82 Branches. Reducing the High Street network to 458 would see the bank save £100 million by 2022.
TSB’s new chief executive Debbie Crosby who took over the position last year is looking to reduce costs after the computer crash that ruined the lenders reputation and prevented thousands of customers access to their accounts whilst moving to a new core computer platform.
It was reported that TSB had shifted customers to a new IT platform before it had been tested and ran up £366 million in costs incurred and compensation while trying to bring the bank back online.
The bank has also said they will invest £120 million into digital channels over the next 3 years.
Crosby said: “Difficult decisions have to made and with a trusted brand, modern platform and national presence TSB is well placed to deliver”.
The days of banks on our high streets and cash are numbered. Whether we like it not, more and more people use technology although there are still many of us who like to use cash and many businesses who need local services to bank deposits, cheques etc.
It is not easy but long term we see that cash will disappear as people use online banking, cards and even their mobile phones (with electronic wallets) for day to day purchases. You can even scan your cheque using you mobile telephone and bank it within you baking 'app'.
There are two things that we suggest: