Union alarm as TSB sheds 150 senior managers

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The Independent Online
THE JOBS of 150 senior TSB managers, including regional directors, are being axed as part of a restructuring programme - and the banking union Bifu claims that the true figure for job cuts is nearly 900, writes John Willcock.

The bank says that 150 managers will be offered voluntary redundancy and refuses to comment on Bifu's claims that 480 mortgage salespeople, 120 regional head office support staff and 265 senior and middle managers will go.

Bifu's assistant secretary, John Townsend, says TSB is laying off a large number of contract staff and redeploying others within the group, but the end result is that 865 jobs are being lost.

'TSB is the U-turn bank, forever reorganising,' Mr Townsend said. 'Only 18 months ago TSB split its sales responsibilities from high street banks. Now they are being amalgamated again.'

A TSB spokesman said he did not want to get into a 'tit-for-tat with Bifu' and added: 'When the reorganisation is complete in three months' time customers will find more sales staff in the branches with more products on offer.'

He said the bank was consolidating three regions into one national structure to remove duplication of work. The number of areas with their own directors would be reduced from 22 to 10.

'This has significantly simplified the management structure and reduced duplication,' he said. The jobs, involving more than one in 10 senior managers, will be shed by the end of September.

TSB has already shed about 800 staff in the first half of 1994, with a smaller number to go in the second half. It has cut 7,000 jobs since 1990. Last week it announced a tripling in half-yearly profits to pounds 226m.