TSB plans more job losses: Chairman warns of branch closures in restructuring
Wednesday 23 March 1994
At the same time provisions against bad debts will continue to fall, he said.
'This restructuring of the business will continue to be uncomfortable, but it is essential if we are to remain competitive and to provide a first-class service to customers while maintaining shareholders' rewards for risking their capital,' Sir Nicholas said.
While developing the business, the group needs to continue to attack unnecessary cost wherever it can, Sir Nicholas said.
Banks need to shrink their physical presence in the high street, since there are too many branches of banks and building societies competing for business, he said.
The UK economic recovery will continue, he added.
'We expect provisions for bad and doubtful debts to fall further. We are confident of progress despite further competitive pressure on profit margins.'
TSB has one of the strongest capital ratios among banking institutions, Sir Nicholas said.
'It is our policy to keep it this way. A strong bank is in a much better position to develop its business and to generate confidence among its customers. It also puts TSB in a strong position to take advantage of the future restructuring of the banking industry.'
On strategy, he said: 'We need to continue investing in our business so that customers receive the best possible service.'
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...