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06 February 2024

300 jobs to go in cost saving initiatives

Newsflash for TSB members
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TSB announces cost saving initiatives: 300 jobs to go

TSB has today announced plans that will impact approximately 300 roles across Financial Support & Economic Crime, Business Banking, Contact Centres, Marketing, Mortgages, Customer Risk and Finance.

If you are directly impacted by the announcements, you should already have been informed by your line management.

The cost reduction plans follow the announcement of strong financial results for 2023 last week but signal that 2024 and 2025 are likely to be more difficult trading years across the banking sector.

Accord members are still providing feedback on TSB’s pay proposals for 2024. Those proposals now have a new context.

Inevitably, there is a risk of redundancies as the cost reduction plans are implemented. We expect the bank to manage the reductions in roles through voluntary redundancies, internal movement and attrition as far as possible.

We have made clear to TSB that we expect all opportunities for redeployment to be explored and that redundancies should be kept to a minimum. We have also raised concerns about potential impacts on the colleagues who remain in the bank in relation to workloads, reporting lines, shift patterns and future career opportunities.

Supporting impacted members

We’re committed to supporting members through these changes and will provide advice, guidance and support on a confidential basis.

If you’re impacted or just want to know more, please contact Accord’s Linda Crouch by email: [email protected] or by phone on 07766 518390.

Linda is being supported by our senior reps in TSB:

We’re always unhappy about reductions in roles and the opportunities available to members but we’re here to support you through this change.

Newsflash ends

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