Responding to Mr. Cesar Gonzalez-Bueno, the Sabadell Chief Executive Officer, who said last week that a £29 million provision was booked for costs cuts, TSB told staff: “despite the headlines, any further potential changes are still some way off”.
Well, it’s only a few days later and TSB has announced that it is scrapping 300 jobs in Business Banking. Contact Centre, Customer Delivery Management, Customer Risk, Finance and Treasury, Marketing, Risk and Evolve-CIO. Did it not think that TSB staff would notice?
And those redundancies have been made days after TSB reporting record profits of £237.2 million, up 29.3% from the previous year. There is mounting speculation that the Bank of England will cut interest rates later in the year, having increased them rapidly since later 2021. Higher interest rates make bank’s more profitable but when they fall that puts increasing pressure on the likes of TSB to cut costs, quickly.
Given what CEO of Sabadell said recently, TSB needs to say now how many more jobs and branches are going to be lost and closed over the next 12 months? Robin Bulloch, TSB Chief Executive Officer, needs to come clean about his plans for branches and jobs rather subjecting staff to this endless game of wait and see. It’s not fair on TSB staff.
We’ve said it before but TSB needs to publish its staffing requirements and open voluntary severance registers for each business unit. TSB can then identify the jobs that are going with the staff that want to leave, and everyone else can get on with up-skilling ready for the future.
Members with any questions on the latest round of job losses or who want to discuss their options should contact the Union’s Advice Team on 01234 716029 (Option 1).
MEMBERS SHOULD PASS THIS NEWSLETTER ON TO THEIR COLLEAGUES SO THEY TOO CAN BENEFIT FROM THE ONLY INDEPENDENT TRADE UNION IN TSB.