Back in black
TSB back in profit after hit from IT meltdown
Debbie Crosbie: new CEO delighted with turnaround (pic: Terry Murden)
TSB has bounced back from its catastrophic IT meltdown and reported a return to profitability.
The Edinburgh-headquartered bank, owned by Sabadell of Spain, has announced a full-year profit for the first time since before its botched computer upgrade in April 2018.
It left almost two million customers locked out of their accounts for weeks and sparked a wave of fraudulent activity.
The meltdown cost be bank £330m.
Debbie Crosbie, who was installed as CEO last year to replace Paul Pester, said she was delighted with the turnaround. The bank reported a pre-tax profit of £46m for 2019.