Union alarm as TSB sheds 150 senior managers
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.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 3 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 4 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 5 April Fools' Day 2015: The best hoax news stories from around the internet
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
University of Cambridge: Remains of 1,300 scholars are found under building
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...