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9/30/2020, 12:03 PM (Source: TeleTrader)
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Sabadell-owned TSB Bank to cut 969 jobs in UK

Edinburgh-headquartered TSB Bank PLC, owned by Sabadell Group, announced on Wednesday it would close 164 branches and cut 969 jobs as a consequence of the crisis propelled by the coronavirus pandemic.

"Closing any of our branches is never an easy decision, but our customers are banking differently – with a marked shift to digital banking. We are reshaping our business to transform the customer experience and set us up for the future," the bank's Chief Executive Officer Debbie Crosbie stated.

TSB thus joined Whitbread, Virgin Atlantic, and Costa Coffee in the group of British companies the crisis forced to make job cuts. Back in August, the Office for National Statistics estimated a total of 730,000 jobs were lost since the start of the pandemic in the United Kingdom.

Breaking the News / JR