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More Norfolk banks under threat as TSB announces 82 closures

PUBLISHED: 16:39 25 November 2019 | UPDATED: 16:39 25 November 2019

The Norwich Guildhall Hill branch of the TSB could be at risk of closure. Picture: Denise Bradley

The Norwich Guildhall Hill branch of the TSB could be at risk of closure. Picture: Denise Bradley

copyright: Archant 2013

More Norfolk bank branches are at risk of closure following a TSB announcement which revealed it will be shutting 82 branches next year.

More than 400 jobs are at risk following the news.

TSB has a number of branches in Norfolk, including on Guildhall Hill in Norwich city centre, one in Magdalen Street, and others in Aylsham, Holt, Swaffham and King's Lynn.

Norwich has already lost one TSB bank, after its site in Unthank Road was shut earlier this year.

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Staff will be told if their bank is affected in the coming days, and a full list of sites earmarked for closure will be published on Thursday.

Norfolk has been hit hard by bank closures this year, after Santander announced it was closing three in early 2019.

Since 2015 Norfolk and Waveney has lost more than 50 bank and building society branches - leaving many towns without one.

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The bank must cut costs to compete with many of its peers, said chief executive Debbie Crosbie as she unveiled a wider plan to save around £100 million by 2022.

"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," Ms Crosbie said.

"The plan we're sharing today involves some difficult decisions, but it sets TSB up to succeed in the future," she said. "Taken together, these changes will help us to serve more customers, better, for the long-term."

TSB stressed that it had twice the number of branches per 10,000 customers in 2018 than the UK average.

As high street banks feel the pinch from online-only challengers, TSB laid out a £120 million investment package to improve its digital products.

This will allow bank customers to set up and start using a current account in just 10 minutes, much less than the seven days it currently takes.

TSB expects 70% to 80% of its sales to come from digital channels by 2022, up from 46% in September this year. Meanwhile, nine in ten transactions will be self service by then.

The digital investment may be welcomed by customers who have faced problems with the banks systems. On Friday some account holders were left without their salaries as the bank failed to process overnight payments.

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