Internal restructuring
United Kingdom
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.1 - Monetary intermediation

370 jobs
Number of planned job losses
Job loss
Announcement Date
25 November 2019
Employment effect (start)
1 February 2020
Foreseen end date
30 November 2020


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.



Eurofound (2019), TSB Bank, Internal restructuring in United Kingdom, factsheet number 99241, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99241.