TSB plans more job losses: Chairman warns of branch closures in restructuring

MORE branch closures and job losses are on the way at TSB, Sir Nicholas Goodison, chairman, warned the bank's shareholders at its annual general meeting yesterday.

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.'

(Photograph omitted)

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