Challenger bank TSB will see three executives leave within the next three months.
The TSB executives include treasurer Ian Firth and chief marketing officer Nigel Gilbert, both of whom will retire at the end of September. Also, HR director Rachel Lock will leave the bank by the end of November.
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Despite the lender’s recent IT outages, the TSB executives’ exits were already planned before the crisis.
According to the Financial Times, Lock’s departure was planned before spring and Firth and Gilbert were expected to retire after the migration project.
TSB still recovering
The departures of the TSB executives comes at an awkward time for the bank. Following its failed IT migration, TSB is attempting to recover its reputation.
1.9 million people were locked out of their TSB bank accounts in April and numerous data breaches were reported. Some customers could view the details of other customers and one found he was wrongfully credited with £13,000 ($16,700).
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By GlobalDataA further outage was reported in July and customers were unable to access their online banking accounts.
This hasn’t affected TSB’s parent bank Sabadell too much; it recorded a net profit of €253.9m in the first fiscal quarter of 2018.
However, TSB’s results took a hit. The problems with its IT infrastructure directly led to a loss of £176.4m ($231m). In addition, approximately 26,000 customers closed their accounts with TSB as a result of the IT outage.
At the time, CEO Paul Pester said: “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. I know how frustrated many customers have been by what’s happened. It was not acceptable, and was not the level of service that we pride ourselves on – nor was it what our customers have come to expect from TSB.
“It has been a difficult time for customers and I am grateful to them for their patience. I would also like to say thank you to our Partners for their enormous efforts. They have done everything in their power to continue serving our customers, and I am proud to see that the values on which the Bank has been built have shone through during this time.”
