Bank poaches Crosbie following IT meltdown
TSB is banking on Debbie Crosbie to help restore its reputation after IT woes left up to 1.9 million customers locked out of their accounts and led to the departure of its former boss.
The Spanish-owned lender has hired the 48-year-old as chief executive from rival challenger bank CYBG, owner of the Clydesdale and Yorkshire banks, where she served for over two decades rising to chief operating officer.
She will join TSB next year on a slightly higher annual salary than predecessor Paul Pester’s £913,500. He stepped down in September with a £1.7million payout after a migration of data to a new computer system in April resulted in 1,300 customers losing money to fraudsters.
The fallout has cost TSB about £250million to date, with further spend expected in the fourth quarter. The bank has resolved about two thirds of 184,000 complaints.
TSB chairman Richard Meddings, who continues in an executive role until Crosbie arrives, said: “With over two decades of experience, superb retail and SME banking expertise, and a genuinely open and engaging style of leadership, we have found an outstanding new CEO.
“What’s more, Debbie brings a clear challenger mindset to TSB and she shares our vision for what a strong challenger bank can achieve for customers.” He said TSB is still working on some IT issues, but the number of incidents is “significantly down and now in line with the wider industry”.
Crosbie said her goal was to make TSB “the champion for consumers”, adding: “The passion and commitment of TSB Partners to deliver for customers is second to none. The exciting thing about TSB is just how much potential the bank has to redefine banking to better serve customers and their changing financial needs. It has all the ingredients to be the leading challenger bank in the UK.”
CYBG’s chief executive David Duffy said Crosbie’s leadership of its technology programme had created “one of the UK’s leading banking platforms, enabling us to transform the digital experience for our customers and put CYBG in prime position to succeed in the world of open banking”.