Bank announces closure of Ipswich branch with loss of around four to five jobs
PUBLISHED: 15:15 28 November 2019 | UPDATED: 15:17 28 November 2019
It's one of two branches closing in the East of England - the other is at St Albans - after TSB decided to close some of its smaller and quieter high street branches, affecting up to 82 banks and 400 jobs.
The move affects up to four or five staff at each branch.
TSB has branches across Suffolk and north Essex, including Ipswich Buttermarket, Stowmarket, Hadleigh, Bury St Edmunds, Colchester, Great Dunmow and Bishop's Stortford.
TSB said it was reshaping its business model as part of a new three-year plan so that it can become "a more technology-enabled and innovative business", it said.
The strategic review included how the bank intends to simplify the way it interacts with customers through its branch network.
"Closing branches is always a difficult decision with changes impacting people and communities. To help address this, TSB is launching a range of new initiatives to help impacted customers with the transition," it said.
The estimated closure date is September next year for the Felixstowe Road branch.
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"When TSB was established in 2013, it acquired a large network of branches from Lloyds Banking Group, with TSB holding twice as many branches per 10,000 customers than competitors. As customer behaviour continues to change, this has made our network difficult to sustain," the bank said.
"Today, a significant number of TSB branches have low customer numbers and transactions are decreasing year on year. In the last two years alone, TSB has seen branch transactions drop by 17% as customers increasingly choose to bank online or through telephony. As a result, nearly half of TSB's branches are run at a loss.
"When deciding which branches to close TSB conducted a detailed review and analysis of its current network, including its usage, proximity to alternative branches, the needs of vulnerable customers and the accessibility of alternative services such as free to use ATMs and the Post Office.
The bank, which said it would be retaining 34 branches across the East of England, said the closure of the branches meant it would be better able to invest for its customers.
The national branch network will consist of 454 branches, and 65% of the UK will live within four miles of a TSB branch, it said.
While TSB is conscious that this will be a disappointing decision for some customers that use the impacted branches regularly, they will still be able to bank with TSB in multiple ways.
It pointed to other ways customers would be able to bank, including by phone and online.
Customer banking director Robin Bulloch said: "We have made the difficult decision to close some of our quieter branches and will fully support customers through this transition.
"We realise this is difficult news for our branch partners and will do everything to support those affected to redeploy as many people as we can to other roles and keep compulsory redundancies to a minimum."