TSB To Close Putney High Street Branch


One of 164 to be shut across its network nationally


TSB's branch on Putney High Street

TSB has announced that its branch on Putney High Street is one of 164 it is planning to close across its network.

It will stop serving customers on 14 April next year and the bank is suggesting that from that point the Hammersmith branch is used as an alternative. It is 2.4 miles away.

It is the latest bank closure in the area which is leaving Putney with a significantly reduced amount of high street financial services.

They say, “We’ve looked carefully at our London, Putney branch at 119 High Street, Putney, London, SW15 1SU and how it is used, and we’ve taken the decision to close it. The way customers bank with us is rapidly evolving with the vast majority of everyday transactions now being done digitally. Over 2.1 million of our customers now choose to bank online, and over 1.3 million use our Mobile Banking App. Even prior to COVID-19 customers were choosing other ways to bank with us, with 50% using
services at our cash machines, and 20% using a Post Office®. Over 190,000 customers have been supported through our new online chat service, helping them with queries and other services.”

TSB is owned by Banco Sabadell a Spanish based institution. It has experienced significant technical problems with a system failure in 2018 meaning its online banking facility was not available for several weeks. The replacement system was introduced without being properly test and they ended up having to pay out £330 million in compensation.

TSB has already announced last November that it was closing 82 branches and the latest list is in addition to these. 960 jobs will be lost as the TSB aims to save £100m by 2022. The bank hopes most of the job cuts will come through voluntary redundancies.

By the end of 2021 TSB will have 290 branches down from the current total of 475.

Unite's national officer Dominic Hook said, "Unite has argued for some time that the financial services industry has a social responsibility not to walk away from its local customers who continue to need access to banking in bank branches.

"It beggars belief that just seven years ago TSB had 631 local branches and this announcement will reduce that number to merely 290 branches. "


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October 2, 2020