Hill Samuel offices to shut: TSB refuses to put number on job losses
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Your support makes all the difference.TSB is to close all 11 regional retail offices of Hill Samuel, its merchant banking arm, and merge the staff with its 40 commercial banking centres.
A TSB spokesman refused to be drawn on job losses, saying simply that a total of 1,000 people are presently employed within the Hill Samuel offices to be closed and the TSB commercial banking centres. 'Obviously there are going to be reductions but it is too early to say how many. We hope to have all the appointments sorted out by the end of the month. As many people as possible will be redeployed within the TSB network.'
The bank said the merger of the commercial lending operations under the TSB name was a streamlining operation that flowed from Hill Samuel's strategy of concentrating on providing merchant banking services to medium and larger corporate customers. Hill Samuel was one of the few merchant banks to have a regional office network.
'There will be substantial cost savings resulting from ths development,' TSB said, but did not elaborate.
'This business is more compatible with the TSB banking activities,' it said. Hill Samuel Bank will continue to offer a full range of merchant banking services to medium and large corporates, together with financial institutions.
The bank said the focus of the new TSB commercial banking service would be to provide a range of commercial products, including cash flow and asset-based lending, to businesses where borrowings of up to pounds 25m would be considered.
Hill Samuel corporate clients serviced by the 11 offices to be closed will be moved to their nearest TSB commercial banking centre, the spokesman said.
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