Almost 1,000 jobs at risk as TSB axes cashiers

UK banks

TSB is to axe its cashiers, putting almost 1,000 jobs at risk in a major overhaul 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 along, 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 by closing branches in quieter areas and cutting jobs. Last year it turned an annual profit for the first time since before a botched computer upgrade in April 2018 that left almost 2m people locked out of their accounts for weeks and sparked an unprecedented wave of fraud. 

Before the IT crisis, the lender had hoped to compete with big, traditional players such as Lloyds and become a leader in the area of futuristic technology. However, the 2018 fiasco earned it the nickname "Totally Shambolic Bank" and cost former chief Paul Pester his job.

Customers will still be able to cash cheques and access other basic financial services at TSB after the cashier jobs have gone, but the process will not be handled by other staff.

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."