Thursday 6 June 2019 3:48 pm

Banking union raises concerns over TSB plan to cut more than 100 jobs


Reporter at City A.M. covering banking, markets and insurance

Reporter at City A.M. covering banking, markets and insurance

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A banking union has raised concerns over TSB’s plans to cut around 125 jobs as part of a major restructuring.

In an email to TSB members, banking union Accord said the restructuring would result in 124 job losses with 366 members of staff facing the consultation process.

Read more: TSB unveils raft of leadership changes as Debbie Crosbie takes charge

A consultation process began last month shortly after the arrival of new chief executive Debbie Crosbie and the union has since revealed that more than 100 head office roles are set to be axed.

The former CYBG chief operating officer took charge last month, replacing Paul Pester who stepped down last year in the aftermath of a major IT meltdown.

The union said it had a number of concerns, including that removing and reducing the number of senior management roles would hinder career progression opportunities.

It added that TSB had also announced restructures in its financial crime, payments, products and digital, and property departments.

Accord said the biggest impact would come from branch redistribution, which will see the number of areas reduced from 24 to 16.

None of the roles being looked at as part of the consultation are believed to customer-facing.

Accord said: “This is the first time that TSB has made changes on this scale,” but that the union’s job security agreement with the bank would avoid compulsory redundancies wherever possible.

Read more: TSB launches fraud guarantee after last year’s IT meltdown


TSB said it didn’t recognise the figure of 124 job cuts and that the consultation would take place in the coming months.

A TSB spokesperson said: “One of our key objectives this year is to ensure that we are properly organised so that we can compete effectively in a rapidly evolving marketplace.

“This includes simplifying how we run our branch network and some head office functions.”

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