TSB is facing a backlash after announcing plans to close one in six of its branches – taking the total shut by the country’s biggest lenders to over 6,000 in the past nine years.
In a move that will cost 250 jobs, the high street lender is axing 36 of its remaining 211 sites, leaving it with just 175.
The plan, which will see branches closed between September this year and May, was branded a ‘grave mistake’ by critics.
Following the closures, TSB will have shut 459 branches since 2015.
That will take the number closed by Britain’s biggest banks in the past nine years to 6,006, according to consumer group Which?.
Branch closures: In a move that will cost 250 jobs, TSB said it is axing 36 of its remaining 211 sites, leaving it with just 175
Lenders say they are axing sites as more customers switch to online banking.
But campaigners have warned the huge number of closures risks cutting elderly customers and vulnerable people off from finances.
It comes after TSB said in February it was setting aside £29million for a cost-cutting plan to simplify the business and make it more efficient.
TSB announced yesterday that jobs were at risk across its fraud department, central operations and the branches earmarked for closure.
But union Unite said the decision was a ‘grave mistake’.
Regional officer Andy Case said: ‘The union is pressing TSB to urgently reconsider its damaging branch closures plan.
‘At a time when customers are increasingly concerned about financial fraud and often need support from a local bank branch this is the wrong course of action.
‘Customers will rightly be concerned and will undoubtedly suffer a downgrade in service from these job cuts.’
Unite said it will hold fresh negotiations with TSB about ways to reduce job losses and support members.
TSB said that it had decided to close the branches because not enough customers were using them.
About 96 per cent of all its transactions take place away from a branch and in-store transactions have fallen 43 per cent over the past four years.
TSB said: ‘The decision to close a branch is never taken lightly, but 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.’
In a bid to soften the blow, the lender said it will open two more ‘pods’ in areas facing branch closures.
Customers will be able to speak to someone, get help with using mobile and online banking, and have the chance to withdraw and deposit cash.
It will also open pop-up services in six locations, offering face-to-face support, such as making payments, getting product information and help with digital banking.