TSB boss to step down following IT failures - MSE News

JuicyJesus

CollinT wrote: »

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

Christ I'm glad I don't work for your employer then.

pochisoldi

Futuristic wrote: »

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.

He had to go - the IT failures have been compounded several times over by poor customer service. Throwing bodies at a basket case of an IT system won't work, Throwing a few more bodies towards customer service might have saved the TSB brand.

I'm hoping they get their act together soon, and get back to being a "normal" bank, because the only way TSB/Sabadell UK will stay afloat will be to throw some big juicy carrots into the market to attract business back.

PochiSoldi

Uxb

My take on this is a little different.
I reckon he quit of his own choosing - most likely fed up with the level of twaddle coming out of his Spanish HQ - Sabadell.
Remember when he went on the media saying that all the IT swap over was OK as he was assured that it was working 100% by Spain HQ - when clearly it was not - so clearly HQ was feeding him rubbish.

To Sabadell, Pester as CEO was a useful scapegoat to heap the blame on and defect the anger where it should more properly be placed - Sabadell. He was more useful to Sabadell in position than as a fired ex CEO.
So the UK treasury select committee could grandstand at his discomfort rather than inviting the Sabadell executives to give evidence - fat chance of them agreeing to turn up.

Usually when someone at this level gets fired the company has a replacement lined up - the fact that they had to draft in the Chairman to act a temp CEO speaks volumes - a Chairman does not know the day to day operations details of a company - that is not their role.
Added to which other TSB executives have been leaving recently - All points to a senior management team that has simply had enough of the Spanish HQ.

Pester in a previous role oversaw the integration of B&B into Abbey (Santander) so he is hardly in-experienced in the matter of transferring a retail banking operation into an other's clutches in similar circumstances.

Mind you Sabadell would not be the first foreign savings group to come unstuck in the UK market - as indeed UK firms seeking to expand into foreign countries themselves have done.
ING messed up spectacularly in the early 2000's when following an interest rate rise they proudly announced no less at full volume that they were not passing it on to savers as the believed their UK customers valued their superior customer service instead. The UK's press were aghast at their naivety and ING now some few 100K customers less later confessed they had underestimated the sophistication of the UK savings market.

No_6

Can remember that, had £15K of credit card debt,
all stoozed with them at a great interest rate !
all at 0% for balance transferes and no fees .. good old days

Only thing I thank Gord brown for

I got all my money back

PaulSh

HornetSaver wrote: »

What gave you the impression that he has been sacked?

How about the fact that he is getting a severance payment of £1.2M in compensation for notice? You don't get that if you resign.

molerat

PaulSh wrote: »

How about the fact that he is getting a severance payment of £1.2M in compensation for notice? You don't get that if you resign.

People in that sort of position do.

Willing2Learn

PaulSh wrote: »

...he is getting a severance payment of £1.2M in compensation for notice? You don't get that if you resign.

molerat wrote: »

People in that sort of position do.

That is one the big fault-lines with how our economy and society is structured. Imho people shouldn't get 'golden handshakes' when they depart from a job in which they have performed badly...

colsten

Willing2Learn wrote: »

That is one the big fault-lines with how our economy and society is structured. Imho people shouldn't get 'golden handshakes' when they depart from a job in which they have performed badly...

Look up PILON

Robisere

I have one last problem with my TSB account: Printing Paperless statements. This has only just happened in the last week, I am all settled with setting up Paperless on my account for all statements, then this happened.


*Accessed account Statements, tried to use TSB's Print feature for last month. Checked "All" for pages to print - it printed the last 2 pages only and the usual "bumf" page. There were actually 6 pages, it set the last 2 and the Bumf page as 1,2, 3 of 3. I was forced to set up each other page in "Search" and print individually. CCard statements would not print, Monthly Saver would.


This is something that has never happened, even after my account settled down just a week after the Crash. I begin to realise that the bank is in an ongoing situation from which it may not recover, and that the 5% is bait to hold us pinned in place while the bank thrashes around trying to fix what is broken and consequently breaks something else. Atm, I am taking a short break from redecorating after removal of a fireplace and Chemotherapy, before dinner and a return to my labours. Next week is a new carpet, then I will consider changing banks.


Recommendations? Both Seniors on a stable income, not at all wealthy but live well within our means. Don't need, will not consider, more than one bank account, but need stability more than anything. Used to a local branch but that may have to go. NWide is a 45 mile round trip, so is as pointless as TSB's Paperless option! Many banks 2.5 miles away in Louth, but don't fancy Lloyds group.Ty for advice.

Willing2Learn

Robisere wrote: »

...Recommendations? Both Seniors on a stable income, not at all wealthy but live well within our means. Don't need, will not consider, more than one bank account, but need stability more than anything. Used to a local branch but that may have to go. NWide is a 45 mile round trip, so is as pointless as TSB's Paperless option! Many banks 2.5 miles away in Louth, but don't fancy Lloyds group.Ty for advice.

How about an account with Tesco? They pay 3% interest on balances up to £3,000. Using your Tesco Bank Debit card, you can make deposits and withdraw up to £500 from your Tesco Bank Current Account in selected Tesco stores at the Customer Service Desk. Are you close to a Tesco store with that facility? I *think* you also get extra Clubcard points if you make your purchases at a Tesco store with your debit card