TSB boss Paul Pester to step down after IT failures

Paul Pester, Chief Executive of TSB, has announced that he has quit with immediate effect after seven years at the helm. Picture: PA Wire
Paul Pester, Chief Executive of TSB, has announced that he has quit with immediate effect after seven years at the helm. Picture: PA Wire
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Banking group TSB has announced that chief executive Paul Pester has quit with immediate effect after seven years at the helm.

TSB, which has been hit by a string of IT failures, said non-executive chairman Richard Meddings would take over while a search for a new chief executive got under way.

The bank said in a statement on Tuesday: “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. 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.”

On Monday TSB customers woke up to another IT failure with many unable to access their accounts.

READ MORE: Financial regulator to investigate TSB over IT meltdown

The latest problems come after up to 1.9 million people using TSB’s digital and mobile banking found themselves locked out of their bank accounts earlier this year.

Mr Pester said in a statement: “Five years ago, on September 9 2013, we launched TSB back onto high streets across Britain. I vividly remember standing in our Baker Street branch, waiting to reveal TSB above the door. But it wasn’t just a sign we were revealing - we were revealing a bank with a clear mission to bring more competition to UK banking and ultimately make banking better for all UK consumers.

“Thanks to the fantastic work and commitment of all TSB partners, we have achieved real success in creating a bank which is truly consumer-focused, attracting customers from the UK’s established banks, and growing TSB’s balance sheet from c.£18 billion to c. £31billion today. The last few months have been challenging for everyone at TSB. 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.

“It has been a privilege to lead TSB through its creation and first five years. I look forward to seeing the next stage of our bank’s history evolve.”