TSB to phase out branch cashier jobs as digital adoption grows

British bank TSB is getting rid of branch cashiers next year, affecting 929 jobs.

Why should we care?
TSB’s moves align with changing consumer behavior, as the bank experienced a steep decline in branch traffic during the pandemic. Research from Goldman Sachs suggests more than a quarter of consumers won’t want to visit branches even when it’s safe to do so. The phaseout of cashier roles is also the result of cost-cutting measures. Employees affected by the cuts will be able to train for other positions, the bank says. TSB, which has 5 million customers, may be preparing for a digital-first reality, but that will likely put more pressure on a strained tech infrastructure. The bank, which is owned by Spanish banking group Sabadell, has a history of IT problems. This week, some users reported they couldn’t access their accounts, and a similar issue affected hundreds of users in April. Plans to trim TSB’s branch footprint were being implemented prior to the pandemic; the bank intends to shutter 82 branches in 2020.