TSB appoints new chief executive following IT meltdown

Lloyd Doyle
November 21, 2018

Crosbie, a 20-year veteran of CYGB, will replace Paul Pester who resigned in September after the IT meltdown.

Crosbie, who is now group chief operating officer and executive director at CYBG, takes over from former chief Paul Pester, who was forced to fall on his sword following a bungled upgrade to a new computer system from Spansish parent Banco Sabadell.

Crosbie will replace Paul Pester, who resigned as chief executive of TSB in September after the bank's botched IT systems upgrade in April when nearly two million customers lost access to online banking services.

"Pretty useful experience in the context of TSB's own migration issues it must be said - which, we understand, are not yet fully resolved", Mr Cronin said.

The bank saw a net loss of nearly 17,000 current account customers in the second quarter of this year following a systems outage, data from payments authority Pay.UK showed.

Executive chairman Richard Meddings will return to his non-executive chairman role when Crosbie joins TSB. Earlier this year, the bank attempted to move customer records from the old Lloyds Banking Group computer platform to the Sabadell Proteo platform, a process that began on 20 April.

TSB announced that it has hired Debbie Crosbie as its new CEO, with her taking up the post in 2019.

'As we look to the new year, TSB can now look forward with renewed ambition, ' he added. "Thanks to the skill of TSB Partners, the strength of TSB's network, and the capabilities within the bank to deliver, TSB has all the right ingredients to be the leading challenger bank in the United Kingdom".

"The exciting thing about TSB is just how much potential the bank has to redefine banking to better serve customers and their changing financial needs", the chief executive in waiting said.

Figures for the second quarter of 2018 show TSB suffered a net loss of 16,641 current account switches between April and June - with 5,149 switches being made to the bank during the second quarter of 2018 while 21,790 customers moved away.

Other reports by Iphone Fresh

Discuss This Article