TSB hit by failure on first day

TSB suffered an embarrassing IT failure that left some of its millions of customers unable to access accounts online - just as the bank was being re-launched on the high street for the first-time in 18 years

TSB
TSB

TSB suffered an embarrassing IT failure that left some of its millions of customers unable to access accounts online - just as the bank was being re-launched on the high street for the first-time in 18 years.

Plans for a “seamless” transition were scuppered and a major publicity blitz overshadowed after a glitch meant customers were unable to log on to internet banking at both TSB and parent bank Lloyds.

The problems eclipsed a launch event at one of the 631 branches of the new bank in central London hosted by chief executive Paul Pester.

Mr Pester set out to explain how the TSB would be “fundamentally different” from its competitors and a return to “local banking” as he signalled that he was preparing to ditch the culture of sky-high banker bonuses.

He said the new business would steer clear of investment banking, derivatives trading and overseas speculation while seeking a “new approach” to paying executives - though he declined to disclose his own salary.

Meanwhile, current account customers looked set for disappointment as Mr Pester played down the likelihood that TSB would offer an improved rate when it sets out new products. TSB is now Britain’s eighth largest high street bank as it begins reappearing across Britain.

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