TSB’s profits more than double as lending and spending soars TSB Edinburgh headquartered bank TSB today said its profits for the first half of the year had more than doubled, as its incomes were boosted by higher lending balances and increased card spending following the end of Covid restrictions. The bank said its statutory pre-tax profits had increased 139.9 per cent to £102.9m, as customer lending [...]
4,500 TSB staff to be given £1,000 payment to weather cost-of-living crisis Banking bonus Around 4,500 staff at TSB are to be given a £1,000 payment after the high street lender became the latest firm to announce payouts to help employees weather the cost-of-living crisis. The payment will be made to all staff at the bank earning £35,000 or less and will be made in two stages – one [...]
City bombshell: Hundreds of angry Northern Rock clients sue TSB Bank for £800m after being trapped in high-interest mortgages see you in court City A.M. was told this morning that TSB Bank is facing a legal action worth up to £800m, brought by customers who claim they were locked into mortgages with ‘excessively high’ interest rates. Today, six years to the day since TSB bought £3.3bn mortgages from Northern Rock, approximately 200 homeowners whose mortgages have been administered [...]
High Street bank TSB returns to profit thanks to record mortgage lending January 27, 2022 High street bank TSB has revealed it returned to profit in 2021 thanks to record mortgage lending and a bounce back in the wider economy. The Spanish-owned lender posted annual pre-tax profits of £157.5m against losses of £204.6m in 2020. It comes after TSB notched up its highest-ever gross mortgage lending at £9.2 billion for [...]
TSB turns down ‘£1bn merger approach’ from Co-Operative Bank October 24, 2021 Co-operative Bank’s £1bn-plus offer for TSB has been rebuffed by its Spanish owners. Sabadell’s board decided to reject the offer at the end of September. The deal would have created a high street lender with 340 branches and over eight million customers, according to Sky News, which first reported the acquisition attempt. This would encompass [...]
TSB chair Richard Meddings to step down after three years March 24, 2021 TSB chairman Richard Meddings has announced plans to step down from his position later this year. Meddings, who became chairman in February 2018, will continue to lead the board while the search for a successor takes place. Is chairman is not moving to another role, but already hold a number of non-executive roles beyond his [...]
TSB reports losses as pandemic prompts lending surge February 1, 2021 TSB’s full-year financial performance was dented by the coronavirus pandemic as lending rose sharply, the bank announced today. Statutory loss before tax was £204.6m in 2020, compared to a £46m profit in 2019. The losses largely reflects the adoption of government measures in response to Covid-19, as well as unemployment rates and reduced customer spending. [...]
Sabadell to speed up cost cutting at TSB, chief executive says October 19, 2020 TSB-owner Banco Sabadell is planning to speed up cost-cutting measures at the British lender, the Spanish lender’s chief executive said. A cost reduction plan at TSB that was initially set to take three years will now be implemented over two years, said Jaime Guardiola. TSB announced plans to axe a third of its branches last [...]
Staff at British banks ‘forced to turn off NHS Covid tracing app at work’ October 8, 2020 Branch staff at some of the UK’s biggest banks say they are being put at risk by rules that require them to keep their phones in lockers at work, leaving them unable to use the NHS Covid-19 contact tracing app. Lloyds and TSB are among the lenders advising employees in branch to deactivate the contact [...]
Coronavirus: TSB to axe a third of branches and over 900 jobs September 30, 2020 TSB has announced plans to close 164 branches and cut over 900 jobs as the British lender grapples with the impact of the coronavirus pandemic. The lender said the cuts – which represent a 10 per cent reduction in the bank’s workforce and the loss of a third of its branches – were part of [...]