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.