UK’s TSB Bank is reportedly planning to axe at least 100 jobs at its head office as part of its cost-cutting measures.
According to the Guardian report, the bank has already started notifying employees who are going to be affected by the move.
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TSB planned trimming its head office employee strength last year following the migration to a new IT system developed by its parent company Banco Sabadell.
However, the botched upgrade initiated a series of failures throughout the year forcing the bank to postpone its plans.
The bank has revived its job cut plans after Sabadell is said to have resolved all IT issues.
The plans include reducing its 1,000-strong workforce at the head office by 100 over the next six to nine months.
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By GlobalDataThe first wave of job cuts may be carried out next month followed by another in September this year, the publication added.
The news of TSB job cuts comes weeks after the lender announced plans to close four branches in Scotland. Additionally, it confirmed plans reduce opening hours for 94 branches across the UK starting this July.
TSB, however, added that there will be no redundancies due to these changes.
Last year, the bank suffered several outages and IT meltdowns damaging its reputation and business. The outages also led to the resignation of it’s the then CEO Paul Pester.
Recently, it launched Fraud Refund Guarantee scheme to cover all transactional fraud losses incurred by the customers.
