TSB bosses to give bonuses to front line staff dealing with coronavirus crisis
BOSSES at TSB are voluntarily giving up their bonuses this year so they can reward frontline bank staff dealing with the coronavirus crisis.
All 10 staff members of its executive committee, including chief executive officer Debbie Crosbie, will give up the cash.
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The money will then be used to reward frontline staff, although the bank hasn't decided how the cash will be distributed yet.
Staff at the bank are still working both in branches where they are open, in call centres, and in its operations team who look after things such as processing online requests for repayment holidays.
The bank employs 7,500 people in the UK, although it didn't say how many exactly are currently working.
CEO Debbie Crosbie's bonus for 2019 is believed to be around £185,000.
She said: "Every one of us at TSB is doing everything we can to support customers through this difficult time.
"I’m very proud of the efforts and dedication by teams across the business and the extraordinary lengths many have gone to help our customers, particularly those most in need.
"As an Executive Committee, it is right to give up these awards, so that we are better able to recognise the work our colleagues on the front line are doing to help customers.”
The bank, which was formed in 2013, said it has helped over 35,000 customers so far in response to the Covid-19 pandemic through mortgage and personal loan repayment holidays.
It said it has also been helping customers who are struggling with interest freezes, fee refunds, and overdraft provisions.
TSB has closed some of its 500 UK branches and many of those that are still open now have reduced opening hours.
Branches are open in the week for essential services only from 10am to 4pm, but closed between 12.30pm and 1.30pm for cleaning.
All branches are shut on Saturdays and Sundays.
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As some branches have shut, and the hours vary across the country, it's worth checking on the bank's where you'll also fine its branch finder tool.
It has a range of help available for customers who are struggling - you can
On March 23 Boris Johnson said all non essential businesses would need to shut, but banks were allowed to remain open.
A number of other businesses including supermarkets, pharmacies, pet shops, and hardware stores are also still open.
To find out if your bank is open, we have listed all the banks' opening hours in our guide.
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TSB was set up in 2013 as a challenger bank to the big UK banks.
But in 2018 experienced a huge IT failure, which resulted in losses of thousands of customers and around £105million through regulator fines and damage to its reputation.
At the start of the year it also pushed up overdraft charges, along with a number of other banks.
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