The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
929 jobs Number of planned job losses
Announcement Date
10 August 2020
Employment effect (start)
1 January 2021
Foreseen end date
Description
TSB, the UK-based Spanish-owned retail and commercial bank, has announced that it will cut 929 customer facing jobs, including cashier roles, in its branches across the UK in early 2021. The bank told employees affected by the restructure that they can take voluntary redundancy, or they must retrain and change roles within TSB.
A spokesperson for TSB said the Covid-19 pandemic had “significantly accelerated" the use of digital banking services, and fewer customers visited branches. These customers, however, needed "multiskilled and flexible" staff to be present in the branches.
A representative of the trade union TBU, representing TSB workers said the bank had already been facing “cost problems” before the pandemic and the crisis was an “excuse” to cut customer facing roles.
TSB Bank was established in 2013 when the Lloyds Banking Group was divided, and it is currently part of the Spanish Sabadell Group. It operates a network of 536 branches across England, Scotland and Wales.
Eurofound (2020), TSB Bank, Internal restructuring in United Kingdom, factsheet number 101917, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101917.
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