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IT meltdown pushes TSB into £107m loss

by Purvai Dua July 27, 2018

written by Purvai Dua 27^th Jul 18 7:54 am

TSB has reported a loss of £107.4m in the first six months following its IT chaos earlier this year.

In its first trading update since the botched migration of 1.3bn customer records to a new IT system in April, the bank put the cost of the debacle at £176.4m — emerging as the most expensive IT problem in British banking history.

We are continuing to work to fix issues some customers are experiencing with internet banking and the app and will be updating these again shortly. Please bear with us as we make these changes.

— TSB (@TSB) April 29, 2018

Boss Paul Pester has admitted that 12,500 customers switched banks and 1,300 customers suffered financial loss as fraudsters attacked vulnerabilities in its IT system.

“We’re making progress in resolving the service problems customers experienced following our IT migration, and we will continue to work tirelessly until we have put things right,” Pester said.