TSB to Cut 250 Roles and Shut 36 Bank Branches on Online Shift

Tom Metcalf, Bloomberg News

TSB is the UK arm of Spanish lender Banco Sabadell, which this week rejected a takeover proposal from rival BBVA.

, Bloomberg

(Bloomberg) -- TSB is closing 36 bank branches and expects to cut 250 roles as the lender continues to shift services online.

The closures will begin in September and continue through May, according to its website. The bank also expects a net reduction in roles as it streamlines its operations.

“Our customers are now doing most of their banking digitally and we need to move to a better balance of digital and face-to-face services,” a spokesperson for TSB said in a statement. The lender, which has seen a 43% fall in the number of customer transactions across its branch network over the last four years, will have 175 branches across the UK once the closures take effect.

TSB is the UK arm of Spanish lender Banco Sabadell SA, which this week rejected a takeover proposal from rival BBVA.

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