TSB boss leaves for rival after revealing branch closure plan
THE boss of TSB is jumping ship for the Nationwide just days after confirming a cull of the bank’s branches.
Debbie Crosbie’s appointment as chief executive marks the first time the building society will be led by a woman in its nearly 140-year history.
And it raises questions over the future of its own outlets.
Scotland-born Ms Crosbie is just two and a half years into a successful run at TSB.
She joined the bank following an IT meltdown that cost it £250million and severely damaged its reputation.
Ms Crosbie turned it around but TSB – owned by Spanish giant Sabadell – upset many on Tuesday by confirming it plans to close nearly a quarter of its branches next year.
The lender will shut 70 of its 290 banks within the first half of 2022 – around the time Ms Crosbie will switch jobs.
TSB blamed the move on more people managing their money online.
However, Nationwide – Britain’s biggest building society – has struck a different tone to rivals by backing its bricks and mortar outlets.
A “Branch Promise” states it will keep at least one branch in every town or city it is in today until at least 2023. Ms Crosbie was paid nearly £1.2million last year, including a £950,000 annual salary, plus a £168,000 pension and nearly £50,000 in perks.
She will replace Joe Garner, who it was announced in September would be leaving the Nationwide after nearly six years in charge.
Ms Crosbie said: “Nationwide’s mutual status, combined with its trusted brand and market-leading customer service, make it a purposeful and unique force for good.
“I’m delighted to be asked to lead the society in its next phase of growth and to work with its members and colleagues to make it the leading retail financial services provider in the UK.”
TSB chairman Nick Prettejohn said: “We are grateful to Debbie for her outstanding contribution to TSB and wish her well for the future.
The bank’s chief customer officer Robin Bulloch has been appointed its interim chief executive, subject to regulatory approval.