TSB bank in Wells to close as company cuts 900 jobs nationwide

  Posted: 30.09.20 at 17:32 by Tim Lethaby

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The TSB bank in Wells will be closing next year as the company looks to cut 900 jobs across the country.

TSB today (September 30) announced that 164 branches across the country will be closed, with Wells confirmed as one of these.

It will remain open until May 19 2021, and after that customers are being encouraged to use the Midsomer Norton branch, which is nearly 12 miles away.

TSB says the changes have been driven by a significant shift in customer behaviour, including a reduction in the number of customers using branches and a big acceleration in digital adoption.

Debbie Crosbie, chief executive of TSB, said: “Closing any of our branches is never an easy decision, but our customers are banking differently – with a marked shift to digital banking.

“We are reshaping our business to transform the customer experience and set us up for the future.

"This means having the right balance between branches on the high street and our digital platforms, enabling us to offer the very best experience for our personal and business customers across the UK.

“We remain committed to our branch network and will retain one of the largest in the UK.”

Robin Bulloch, customer banking director at TSB, said: “Alongside these changes, we will continue to invest in our remaining branch network to offer high quality banking services, fully integrated with improved digital capability.

“We are working to ensure the transition towards digital – which is being seen right across the economy – is handled sensitively and pragmatically for our colleagues and customers. We’re taking steps to support vulnerable customers and those in rural locations.”

TSB is making a total of 969 role reductions while 120 new operational roles are being created meaning there will be an overall net reduction of 849 roles.

Changes are being made across the branch network, and in mortgages and customer service operations teams.

Where possible, role reductions will come through voluntary redundancy and TSB is implementing a training programme to support those leaving the business find future roles. TSB has consulted with its recognised unions Accord and Unite.

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