Barkingside and Gidea Park TSB banks set to close
PUBLISHED: 12:00 29 November 2019
Gidea Park and Barkingside are two of 82 TSB branches that are set to close following a review of the bank's UK network.
The Trustee Savings Bank (TSB) announced on Monday, November 25 that it would be closing the branches as part of a strategy to meet the changing needs of customers.
Around 370 jobs across the country are expected to be impacted by the planned closures.
The Gidea Park branch in Main Road is set to close in November 2020 while the Barkingside branch in the High Street is scheduled to close in September.
Chief executive Debbie Crosbie said TSB was facing runaway costs and needed to make difficult decisions.
She said: "There is no doubt we have got challenges to face.
"Put simply, the biggest barrier for TSB's future is that we're much more expensive to run than our competition."
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TSB said in the past two years branch transactions have dropped by 17per cent as customers increasingly choose to bank online or by phone.
On Monday the bank unveiled a three-year strategy to restore the bank's competiveness.
Ms Crosbie added: "Our new strategy positions TSB to succeed in a challenging external environment at a time when we know our customers want something different and better from their bank.
"With a trusted brand, modern platform and national presence, TSB is well placed to deliver - but we need to make changes to enable us to compete."
In deciding which branches to close, the company looked at their usage, proximity to alternative branches, the needs of vulnerable customers and the accessibility of alternative services such as cash machines and the Post Office.
TSB said a range of support services will be offered to help customers affected and that following the changes, 65pc of the population will still live within four miles of a TSB branch.
Customer banking director Robin Bulloch, said: "We 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 offer voluntary redundancies and redeploy as many people as we can to other roles."
By the end of 2020 the network will be reduced to 454 branches.