Staff bonuses slashed as TSB suffers heavy losses

Staff at TSB Bank have had their bonuses almost halved, and the boss has seen her annual pay package fall by almost a fifth following hefty losses.

The bank’s annual report showed that the workforce of around 7,000 staff have had their bonus pool cut from £17.7m last year to £10.5m.

Chief executive Debbie Crosbie’s pay has fallen by 19% to £1.17m from £1.44m in 2019 after waiving bonuses for 2020.

TSB said, “2020 has been a challenging year for TSB resulting in a financial performance that was adverse to plan, primarily due to the consequences of the Covid-19 pandemic and the provision for estimated charges relating to the treatment of some customers in arrears.”