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TSB books first-half loss due to IT outage

Published 27/07/2018, 07:42
© Reuters. FILE PHOTO: Signs outside a branch of TSB bank in London
SABE
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LONDON (Reuters) - Britain's TSB bank reported a pre-tax loss of 107.4 million pounds on Friday due to costs related to a botched IT update which plunged the lender into chaos for weeks earlier in the year.

The bank, owned by Spain's Sabadell (MC:SABE), said it had recognised costs related to the IT outage of 176.4 million pounds, while the update itself cost 318 million pounds.

© Reuters. FILE PHOTO: Signs outside a branch of TSB bank in London

CEO Paul Pester, whose position was called into question by lawmakers following the outage, 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."

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