TSB owner Sabadell considers bank's future as BBVA deal scrapped

Gers

https://www.bbc.co.uk/news/business-55099372

My own wee branch is closing down and now this... it's the way of the banking world just now.

Thrugelmir

Should never have been demerged from Lloyds. 

Stuart_W

Would not at all be surprised if Yorkshire/Clydesdale and TSB and Co-op all end up together (probably branded Virgin) at some point over the next year or so. The smaller banks have got it really tough at the moment, Covid losses, increased regulation, ultra-low interest rates, most other smaller current account providers have given up simply telling customers to go elsewhere. The newer app-only banks are struggling to find an obvious route to profit. The regulator won't like any of the main banks getting any of them, unless possibly if it's presented as a survival/rescue case. Maybe Cerberus (who are after Co-op) might very well end up with the lot. 

blue.peter

Gers said:

My own wee branch is closing down and now this... it's the way of the banking world just now.

Yup, mine closed in October. Mildly disappointing, but not unexpected, and not the end of the world, since I do almost everything online. But it does mean that improvements to their online banking are needed more than ever.

Thrugelmir said:

Should never have been demerged from Lloyds. 

It's not as if this was an option. The demerger was forced on Lloyds. Once Lloyds got HBOS, it was thought to be too big. Personally, I'm happier having an account (indirectly) with Sabadell than with Lloyds. (I'm not a fan of Lloyds.)

Stuart_W said:

Would not at all be surprised if Yorkshire/Clydesdale and TSB and Co-op all end up together (probably branded Virgin) at some point over the next year or so.

Yeah, I'm half expecting CYBG to step in. Can't say I fancy that idea. Their online banking is already a fragmented mess - different systems for my credit card (web option soon to be dropped anyway) and savings. I foresee chaos if/when they try to merge systems - much as TSB had a couple of years ago. If TSB does become part of CYBG/Virgin, I might well dump them.

Didn't the current TSB CEO come from Clydesdale?

veryintrigued

TSBs current account balance sheet will be taking a large hit in three days.....

adamp87

From this forum & the web TSB seems to be horrendous for service, always having It issues and branch closures. 

blue.peter

adamp87 said:

From this forum & the web TSB seems to be horrendous for service, always having It issues and branch closures. 

Branch closures certainly. But planned and published well in advance. I understand that they actually had more branches in the UK than HSBC a year or so ago.

TSB is not horrendous for service, though. I won't pretend that it's perfect, but what bank is? On the other hand, it's certainly not as bad, in my experience, as some here would have you believe. I've no complaint. As I've said on this forum before, I would much rather take TSB's service than RBS. The latter is my benchmark for awfulness.

clive0510

oh well, another one on the brink. how many more famous names to fall by the way side one wonders.

Lightning360

blue.peter said:

adamp87 said:

From this forum & the web TSB seems to be horrendous for service, always having It issues and branch closures. 

Branch closures certainly. But planned and published well in advance. I understand that they actually had more branches in the UK than HSBC a year or so ago.

TSB is not horrendous for service, though. I won't pretend that it's perfect, but what bank is? On the other hand, it's certainly not as bad, in my experience, as some here would have you believe. I've no complaint. As I've said on this forum before, I would much rather take TSB's service than RBS. The latter is my benchmark for awfulness.

I think service between different banks is more similar than people think. Some people will be with a bank for 20 years and have no issues but another might end up having issues within their first 10 minutes with that same bank. All banks will have issues as well as successes with their service.

blue.peter

Lightning360 said:

I think service between different banks is more similar than people think. Some people will be with a bank for 20 years and have no issues but another might end up having issues within their first 10 minutes with that same bank. All banks will have issues as well as successes with their service.

Yes, absolutely. Banks are big organisations, employing lots of people. Some staff will be better trained or more pleasant than others. Different people will have different expectations and experiences of the same bank. Some people will be perfectly happy with Bank A's policy on a particular matter. Others will hate it, but be quite happy with Bank B's. My problem with RBS was largely a dislike of several of their standards and practices. Nothing they did to me breached their Ts & Cs, but the cumulative effect was, for me, really horrible. I'm well aware that there are plenty of people who are perfectly content with them.

adamp87

Is it on the brink? Isn’t it just they want to sell it? The headlines today are probably going to make many people pull money from the bank