EMCC European Monitoring Centre on Change

TSB Bank

Company/Organisation:
TSB Bank

Geographic Location

Country: United Kingdom

Company

Sector: Financial services
Financial and insurance activities
64.1 - Monetary intermediation
Number Employed: 8500
Group: Sabadell

Employment Effects

Announcement Date: 25-11-2019
Planned Job Reductions min: 370
Planned Job Reductions max: 370
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-02-2020
Foreseen End Date: 30-11-2020
Other Job Reduction Measures: 370

Additional Information

TSB, a UK-based Spanish-owned retail and commercial bank, has announced that it will close 82 of its branches across Scotland and England, affecting 370 employees. The restructuring will start in February 2020 and continue throughout the year. The management explained that the current business structure requires urgent optimisation and assured that the bank will try to offer alternative employment opportunities to many of the affected employees.

Unions representing TSB workers said they were negotiating with the management to limit the number of compulsory redundancies.

TSB was established in 2013 when the Lloyds Banking Group was divided, and it is currently part of the Spanish Sabadell Group.

 
 

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