Jobs blow for region as lender plans branch cuts
Three branches of the West Bromwich Building Society in Shropshire and Mid Wales are to close under plans which will see 80 jobs axed and 11 branches shut in total, it was revealed today. Three branches of the West Bromwich Building Society in Shropshire and Mid Wales are to close under plans which will see 80 jobs axed and 11 branches shut in total, it was revealed today. Branches at Telford Shopping Centre, Whitchurch High Street and Knighton are among the branches which face closure. The 160-year-old society currently employs about 850 people and has 46 branches but says it is still suffering from the impact of the recession, low interest rates and fierce competition.
Branches at Telford Shopping Centre, Whitchurch High Street and Knighton are among the branches which face closure.
The 160-year-old society currently employs about 850 people and has 46 branches but says it is still suffering from the impact of the recession, low interest rates and fierce competition.
The West Brom is offering branch employees alternative jobs at other branches, but chief executive Robert Sharpe admitted travel distances would make such moves difficult for many staff.
Under the plans 50 staff will lose their jobs at the society's main office in West Bromwich.
Four branches in Birmingham and the Black Country are to close with staff and customers moving to the nearest neighbouring branch.
Seven outlying branches - including the ones in Shropshire and Mid Wales - face complete closure, affecting 30 staff. They will start closing from July 2.
Mr Sharpe said there would now be a major programme of refurbishments at its 35 remaining sites.
Meanwhile, the society is now assessing other sites for about half a dozen potential new branches.
Mr Sharpe said the changes would "give us a branch network that is truly vibrant and modern".
Last year the society unveiled record losses of £48.8 million, largely due to the impact of the recession on its commercial property investments.
In November the society said half-year losses had been cut to £8.4 million.
