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TSB to shut branches and axe jobs in cost-cutting drive

TSB is planning to close branches and cut jobs as it battles to reduce costs.

The high street bank says it will be speaking to staff before any details are announced.

News of the plans was disclosed in its full-year financial results, which showed a 30% rise in pre-tax profits to £237m.

The increase of more than £50m was partly driven by higher interest rates.

TSB spends a higher percentage of its income on running the business than rivals including Santander UK and Virgin Money.

Executives are trying to reduce this by simplifying operations and boosting efficiency.

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TSB is the latest high street bank to cut jobs and close branches.

Last week, Lloyds Banking Group confirmed it plans to axe 1,600 roles across its branch network as consumers increasingly shift to online and mobile banking.