TSB announces closure of Wick branch
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In a statement from its press office this afternoon, TSB announced its intention to close the Wick High Street branch as part of a three-year strategy.
In total, 73 branches across Scotland are to be closed and 300 jobs "affected" in the branch network and business changes the company had put forward in November 2019.
The move has been driven by a "significant change in customer behaviour, including a reduction in the numbers using branches and a significant acceleration in digital adoption", said the bank.
The bank had released an earlier statement of its intention this morning and said it would release the full list of branches affected after "impacted employees" had been informed.
Branches earmarked for closure have been selected to ensure "94 per cent of TSB customers in Scotland remain within 20 minutes travel time of a branch", it also stated.
When these closures are complete, TSB said it will operate the third largest network in Scotland and will have 20 per cent of its national UK network based in the country compared to the industry average of 14 per cent.
Each TSB branch will serve an average of 17,000 customers and the bank will introduce around 50 mobile advisors in some rural communities to deliver face-to-face support for existing customers on "basic banking queries" and organise further support for them.
Robin Bulloch, customer banking director at TSB, said: “These decisions are the most difficult we take, but we must always be guided by our customers – and we are clearly witnessing a substantial shift towards digital banking.
“We operate a more extensive branch network than most other banks in Scotland, including some much larger than TSB, and we need to reduce its size to reflect the changing needs of our customers and a fast-evolving operational environment.
“TSB remains committed to offering high quality banking services in branches across Scotland. We are also introducing mobile advisers to ensure we look after vulnerable customers and those in rural locations."
Mr Bulloch added: "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.”
Over the next two years, TSB said it will continue to invest in its 62 remaining Scottish branches to radically improve the customer experience. This includes providing its branch staff with industry-leading training, accredited by the Chartered Banker Institute, to help customers with the more complex needs they now use branches for and improve their money confidence.
In addition to the national branch network, TSB is further enhancing its partnership with the Post Office including adding the ability to deposit and withdraw using a card, for both business and personal customers, and collect coin change from pre-agreed locations.
Alongside this, TSB will be partnering with G4S Cash Solutions to set up a cash collection service for its business customers.
In Scotland, around 300 branch-related jobs will be affected. Reflecting changing customer behaviours, TSB created 100 new IT roles earlier this year at its tech hub in Edinburgh to meet soaring demand for the bank’s digital services.
Across the UK, TSB is making an overall reduction of 969 jobs, while 120 new operational roles are being created meaning there will be an overall net reduction of 849 jobs. 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 comprehensive training programme to support those leaving the business find future roles. The bank said it has consulted with its recognised unions Accord and Unite.
The 73 closures will take place over 2021 and by the end of that year TSB will have only 62 branches left in Scotland – losing more than 50 per cent of its current 135 branches.
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