TSB CEO goes as banking woes linger
TSB’s CEO Paul Pester has stepped down as the company continues to face online banking problems.
The last few months have been “challenging for everyone at TSB”
Today (4 September), TSB says with Pester’s depature, Richard Meddings is now executive chairman on an interim basis.
Pester says the last few months have been “challenging for everyone at TSB” – but notes it has been a “privilege to lead TSB through its creation and first five years”.
Meddings, current non executive chairman of TSB, will take on the new role to enable a full public search to commence for a new CEO.
Meddings explains: “Although there is more to do to achieve full stability for customers, the bank’s IT systems and services are much improved since the IT migration. Paul and the board have therefore agreed that this is the right time to appoint a new CEO for TSB. Our goal is therefore to allow a full search to commence, without any distractions, enabling TSB to build for the future.”
The bank has been struggling with banking issues for a while.
The famous/infamous IT crash in April hit TSB hard in its results for the six months to 30 June 2018 – with a loss before tax of £107.4 million.
But that disastrous April migration – from outsourced legacy tech (provided by Lloyds Banking Group) to its own new platform – left some issues that never really went away.
There were banking problems in June, July, August – and then just yesterday (3 September), TSB reported more issues.
At that time, it said on Twitter: “We’re aware that some customers are having issues this morning using Internet Banking, the mobile app and telephone self service. We are currently working to fix this issue. Please accept our apologies for any inconvenience caused.”
TSB said the problems were fixed by the mid-morning. Quite a few customers on Twitter disputed this.
TSB has five million customers and 550 branches across the UK.
