PAUL PESTER TSB FULL

The problems began when TSB moved its five million customers and their 1.3 billion records from a banking platform it was renting from former owner (Lloyds Banking Group) to its new ‘state-of-the-art’ platform developed by its Spanish-owner Sabadell.īut things rapidly went wrong and TSB customers who managed to get access to their online accounts, were often presented with details of other people’s accounts. TSB was engulfed in an IT fiasco in April that left half of its online banking customers unable to access their accounts.

PAUL PESTER TSB FULL

“Our goal is therefore to allow a full search to commence, without any distractions, enabling TSB to build for the future.” IT fiasco “Paul and the Board have therefore agreed that this is the right time to appoint a new CEO for TSB,” said Meddings.

“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 has made an enormous contribution to TSB,” said his replacement Richard Meddings. “However, I want to thank all my colleagues across TSB for their dedication and commitment during this period and for their focus on putting things right for TSB customers.” “The last few months have been challenging for everyone at TSB,” said Pester. “Paul and the Board have therefore agreed that this is the right time for Paul to step down and to appoint a new CEO for TSB.” “Whilst there is still work to do to achieve full stability for customers, TSB’s systems and services are much improved since the bank’s IT migration earlier this year,” said the bank.

Pester however will leave with a payout of at least £1.68m – including £1.2m for his notice period and a £480,000 payment agreed before TSB was taken over by Sabadell in 2015. Pester’s departure will no doubt please MPs on the Treasury select committee, but some may feel that Pester took the blame for TSB’s Spanish owner Banco de Sabadell, and its chaotic data migration process. Pester was in charge of TSB for seven years, but is now leaving the bank and has been replaced with “immediate effect” by Richard Meddings, who was previously the non executive chairman of TSB. TSB’s chief executive Paul Pester has stepped down after a disastrous IT failure engulfed the bank in April this year.

Paul pester tsb