TSB boss to step down following IT failures - MSE News

Former_MSE_Callum

TSB boss Paul Pester is to leave the bank following months of IT problems earlier this year, and ongoing subsequent issues...

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'TSB boss to step down following IT failures'

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Willing2Learn

He was basically a 'dead man walking' for the last five months or so...

colsten

Willing2Learn wrote: »

He was basically a 'dead man walking' for the last five months or so...

He needed that time to negotiate his redundancy package :cool:

I bet that the next TSB move will be to slash the interest rate on their Plus accounts as the new man isn't bound by Pester's promises. This could well be the trigger for me to close my accounts.

Willing2Learn

colsten wrote: »

I bet that the next TSB move will be to slash the interest rate on their Plus accounts as the new man isn't bound by Pester's promises. This could well be the trigger for me to close my accounts.

I hope they don't start slashing the rates. Really, they should keep it at 5% (for the Current Plus) to reward their customers for their loyalty during this ongoing IT debacle...

CollinT

Well, according to the BBC news:

''The IT debacle cost TSB £176m''

I think if I cost my company £10, I would be out on my ear with a P45 thrown straight at me.

Let alone costing a company £176 million!

I suppose long term it will be TSB's remaining customer base who will be 'making up' for this huge loss, either in lower interest rates on savings, higher Credit Card interest rates etc and possibly the staff when branches start to be cut 'to balance the books'.

A loss like that is no good for anyone, apart from probably Pester, who will no doubt get a golden handshake and a rather large pension to live off. He certainly won't starve.

Collin.

PaulSh

According to one report I saw, he's expected to walk away with around £1.7 million. They really should have given the job to me instead, I could have made the same total mess of things far more quickly and efficiently, and have been quite satisfied with half of what he's getting.

Shakin_Steve

Sacked! With a £1.5 million pay off. Is that really sacked?

Futuristic

You can't blame him for the IT problems (blame the company that owns TSB who wanted to move off Lloyds banking system really fast and the IT department). This is a mere damage control and he's the one who has to go.

PaulSh

Apparently nearly £500k of that £1.7M is a long-standing bonus that pre-dates the takeover by Sabadell, and most of the rest of it is payment in lieu of notice. So it's not quite as outrageous as it seemed at first. I do hope they pay it into a TSB account for him, though, so he can experience the joys at first hand.

HornetSaver

Shakin_Steve wrote: »

Sacked! With a £1.5 million pay off. Is that really sacked?

What gave you the impression that he has been sacked?

colsten

I can't imagine he'd be terribly sad to be rid of the issue. After he's had a good rest, he can write a book, or tour Business Schools, lecturing people how not to do massive IT changes. That is, if he hasn't been gagged from talking about it, which is a distinct possibility.