TSB’S Pester to receive £1.7m golden farewell

Paul Pester, the outgoing head of TSB, is to receive a £1.7million payoff despite deciding to quit amid criticism over his handling of a bungled IT switch that left thousands of the bank’s customers shut out of their own accounts. The sum is comprised of a £1.2million severance payment and a bonus of up to £480,000. The TSB said the payment to Mr Pester, who leaves the company with immediate effect, was “in line” with its “remuneration policy and the terms of his contract”. A second outage at the weekend again denied some customers online access. Business, page 1