Stratford TSB branch earmarked for closure

Stratford’s TSB bank on Union Street is to shut as part of a wave of branch closures announced today.

The branch is one of 164 TSB branches earmarked for closure, with the bank removing around 900 roles in total across its network.

The closures are set to take place in 2021.

TSB say the closures have been driven by a significant shift in customer behaviour, including a reduction in the number of customers using branches and a significant acceleration in digital adoption.

Debbie Crosbie, Chief Executive of TSB, said: “Closing any of our branches is never an easy decision, but our customers are banking differently – with a marked shift to digital banking.

“We are reshaping our business to transform the customer experience and set us up for the future. This means having the right balance between branches on the high street and our digital platforms, enabling us to offer the very best experience for our personal and business customers across the UK.

“We remain committed to our branch network and will retain one of the largest in the UK.”

The bank says branches earmarked for closure have been selected to ensure 94% of TSB customers can travel in 20 minutes or less to a branch, and the new network will have an average of 17,000 customers per branch, which remains below the UK average.

The network will be the 7th largest in the UK.

TSB is making a total of 969 role reductions while 120 new operational roles are being created meaning there will be an overall net reduction of 849 roles.

It is anticipated the vast majority will come forward for voluntary redundancy.

Changes are being made across the branch network, and in mortgages and customer service operations teams