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.'
- 2 Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
- 3 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 4 Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Stock up on canned food for stock market crash, warns former Gordon Brown adviser
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...