Lochgelly and Cardenden face TSB branch closures

Lochgelly and Cardenden face TSB branch closures

TSB have announced a series of bank closures across the UK with two of the closures planned for Lochgelly and Cardenden branches.

TSB have announced that they are looking to close 29 branches across the United Kingdom, with two closures planned for Central Fife. A spokesperson from TSB say that they are investing more into its “more popular locations” instead.

The TSB manage a total of 590 outlets across the UK, this number is due to be reduced by 29, with 17 of the branch closures expected in Scotland.

TSB is owned by Spanish bank Sabadell and are said to be focusing on more popular branches in the UK.

TSB distribution director Peter Navin says

“People don’t go today where they went twenty years ago and we are reacting to that with changes to our network and a major investment programme”

TSB will inform customers at least 12 weeks ahead of any closures and has insisted there would be no job losses with staff given the option to move to nearby branches.

Data provided by Which? Shows that across the UK there has been more than 1046 bank closures in the last two years , with 500 closures alone in 2016.

TSB recently announced an increase in their annual profits from £67.7 million to £182 million in 2016. £28 million from the profits will be distributed to around 7700 workers as a staff bonus (12.5% of their basic salary).

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