TSB to scrap all cashiers in online shift
‘The way customers use banks is changing. When they visit branches, their needs are more complex’
TSB is to axe its cashiers, putting almost 1,000 jobs at risk as the pandemic accelerates the shift online.
The high street lender, owned by Spanish lender Sabadell, has told 929 branch staff that they need to retrain or take voluntary redundancy as cashier roles are being phased out.
Banks have been slashing branches for years as an increasing number of customers use online banking, with more than 3,300 shut since 2015, according to consumer group Which?
But coronavirus has accelerated that trend as footfall slumps. Use of ATMs halved during the coronavirus outbreak as customers shunned paper money to avoid spreading the disease, figures from cash machine network Link show.
The mid-sized bank was already in the middle of plans to slash costs. Last year, it turned an annual profit for the first time since before a botched computer upgrade in April 2018 that left almost 2 million people locked out of their accounts for weeks. Customers will still be able to cash cheques and access other basic financial services at TSB after the cashier jobs have gone.
A spokesman said the way customers use their banks is changing and that Covid-19 has significantly accelerated the use of digital services.
He said: “When customers visit our branches, their needs tend to be more complex.”