TSB confirms Frome branch is safe from closure

By Tim Lethaby 28th Nov 2019

Staff at Frome's TSB branch were told not to do interviews in spite of the fact that the branch has dodged the closures announced today (Thursday November 28).

Eighty-six branches of the bank, which prides itself on being the one to help local businesses, are being closed as a result of the financial cost of an IT meltdown last year.

The problems, which lasted several days, led to the exit of the then CEO, and were estimated to have cost the bank around £366 million.

The incoming new boss Debbie Crosbie announced on Monday that TSB had to make savings of £100 million by 2022 and more than 400 jobs were going.

But two branches which have escaped the cull include Frome and the one next door to the town hall in Midsomer Norton.

Staff in Midsomer Norton spoke of their relief at still being in work so close to Christmas. TSB, which was previously owned by Lloyds bank, is now owned by a Spanish bank Sabadell.

Following the closures it will have 454 branches nationwide, although the CEO has refused to rule out further cuts.

     

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