West Brom's Business Review looks to focus on Society's strong regional identity
The West Bromwich Building Society believes that a vibrant branch network, with a strongly defined regional identity, is fundamental to the Society’s ‘Back to Basics’ strategy, which places a renewed focus upon the West Brom’s traditional strengths as a major independent building society.
With this in mind, the Society has completed an extensive Branch Review, which confirms its continuing commitment to the Black Country and Birmingham, together with a presence in Shropshire and mid-Wales.
The Branch Review explored a range of options, and the results include proposals to open new branches in localities within the Society’s heartland where the West Brom is not currently represented. The Branch Review also proposes substantial investment in the branch network through a branch improvement programme, including a number of major refurbishments and relocations.
At the same time, the Branch Review also concluded that it is necessary to merge and close some branches. Accordingly, the Society is announcing a number of mergers, which will enable the West Brom to create a bigger impact than it currently has in certain areas.
This will therefore see customers and staff of branches in Erdington (High Street), Northfield (Bristol Road South), West Smethwick (High Street) and the 321 High Street branch in West Bromwich merging into geographically appropriate branches.
No firm date has yet been confirmed on the actual mergers as this relates to the completion of the refurbishment or relocation of the respective branches where footfall will migrate to. Customers are being informed of this decision.
Meanwhile, and with regret, customers are being notified that the branches based in Chester (Bridge Street), Coventry (Broadgate), Knighton (High Street), Leicester (Market Place), Tamworth (Ankerside Shopping Centre), Telford (Telford Shopping Centre) and Whitchurch (High Street) will cease to operate and will close from Friday 2nd July 2010.
All branch staff have been informed about these decisions. Any job losses resulting from the Branch Review will be kept to an absolute minimum and, where possible, the Society will be offering alternative roles to staff affected by these closures.
As with other organisations, the Society continues to feel the fall-out from one of the worst recessions on record and, with interest rates at historically low levels and competition relentlessly fierce, it recognises the need for efficiency in operating costs. Therefore, as a result of its overall Business Review, approximately 50 roles are to be made redundant at the Society’s Head Office in West Bromwich. The majority of these have already been achieved through a Voluntary Redundancy Programme.
Robert Sharpe, Chief Executive for West Bromwich Building Society, said: “The Society’s branch network is at the forefront of the West Brom’s ‘Back to Basics’ strategy and vision as an independent building society with a strongly defined regional identity. The conclusions from the Branch Review clearly reflect this commitment to our heartland area and will, I believe, give us a branch network that is truly vibrant and modern.”
In relation to redundancies at the Society’s Head Office, Robert Sharpe went on to say: “We acknowledge that economic realities continue to exert considerable pressures upon the financial services sector. While the performance of the West Brom has shown clear and steady progress over the past year, the Society is certainly not alone in taking such measures, which are necessary in equipping us to tackle the unprecedented challenges facing the sector. Indeed, we are still suffering from previous business strategies. Nevertheless, I believe the changes we are making will enable us to face these challenges with confidence and purpose.”
