TSB plans job cuts and branch closures as it sets aside £29m for cost savings

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy High street bank TSB could see jobs cut and branches closed this year as part of plans to reduce costs across the group. We have been clear about our focus on reducing costs, but as with any announcements about changing how we operate, we always consult with our colleagues first TSB TSB said it will speak to staff before announcing any more details about potential job losses or closures across its hundreds of UK branches. A spokesman from the bank said: “We have been clear about our focus on reducing costs, but as with any announcements about changing how we operate, we always consult with our colleagues first.” The move was revealed in TSB’s full-year financial results, which showed the business made a pre-tax profit of £237 million over 2023, nearly 30% more than the previous year. On Thursday, investment banking giant Deutsche Bank revealed plans to cut 3,500 jobs by the end of the year, as part of efforts to save about £2.1 billion and improve its profits.