High street bank announces closure of Eastbourne branch
A high street bank has announced it is closing 70 of its branches including one in Eastbourne.
TSB Bank has today (Tuesday, November 30) revealed it will close 70 of its branches in 2022 due to ‘declining branch use’ and more people turning to digital banking services – Eastbourne’s branch in Terminus Road is expected to close on May 17 2022.
A spokesperson for TSB said, “In recent years, the bank has seen a significant decrease in branch use, with the average number of transactions per branch falling since January 2019 and no prospect of branch transactions returning to pre-covid levels.
“Two years ago, TSB set out its intention to reduce its branch network and invest in digital services, as part of its strategy to meet the future needs of customers, but the Covid-19 pandemic has further accelerated the shift away from branch services, with customers shopping and doing more online.”
TSB revealed 90 per cent of customer transactions are carried out digitally.
The bank confirmed closures mean 150 fewer roles but staff will be offered alternative positions at TSB and there are no closures expected in locations where it is currently the last branch in the town.
TSB’s Chief Customer Officer Robin Bulloch said, “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future.
“These changes allow us to maintain an extensive branch presence across the country. They are accompanied by a significant investment programme to upgrade branches to better suit customer needs. And, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities.”
Dr Jackie Mulligan, government high streets task force expert and ShopLocalOnline.org founder, said, “This news is yet another hammer blow to the UK high street, which is already reeling after nearly two years of pain.
“The shift online is irreversible, but so, too, is the damage that a bank leaving a high street can cause for the shops that surround it.
“Local high street shops need their local communities more than ever and the gradual retreat of banks, which bring all-important footfall, poses another existential threat.”