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    TSB boss Paul Pester to step down because of IT fiasco.

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    papa_umau
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    TSB boss Paul Pester to step down because of IT fiasco.

    Post by papa_umau on Tue 04 Sep 2018, 11:34 am

    TSB chief Paul Pester is to step down after seven years in charge, in the wake of a major IT failure at the bank.

    In April this year, customers were left without access to online banking services for several weeks when an attempt to move data to a new computer system went wrong.

    The bank is still struggling to get its IT systems to work properly.

    On Monday, it apologised to customers who faced disruption to their online and mobile banking over the weekend.

    Following Mr Pester's departure, TSB chairman Richard Meddings will take on the role of executive chairman until a new chief executive is appointed.

    Read the rest of this article from The BBC HERE




    IT failures across the finance sector are now a common problem and a great lot of time and effort needs to be spent in getting these things right for once and for all.


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    zathrus
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    Re: TSB boss Paul Pester to step down because of IT fiasco.

    Post by zathrus on Thu 06 Sep 2018, 11:31 am

    Let's not get confused here: he was actually sacked and yet he STILL got a 1.7 million pounds payoff.

    The policy at TSB on executive pay couldn’t be clearer. “Severance payments are paid in line with the principle of ‘no reward for failure’,” it declares.

    Yet today, six months into the worst debacle to hit a UK retail bank in recent years, TSB is happily handing over £1.7 million to the chief executive who presided over it all.

    Read about this here: https://www.standard.co.uk/business/jim-armitage-paul-pester-s-payoff-sets-precedent-of-reward-for-failure-a3927266.html
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    papa_umau
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    Re: TSB boss Paul Pester to step down because of IT fiasco.

    Post by papa_umau on Fri 07 Sep 2018, 12:09 pm

    Yet another CEO that needed to be sacked from TSB.

    I often wonder why the shareholders do not have the right kind of power to influence how CEOs behave and what they get paid.

    At the top they seem to keep all the power to themselves.


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    Angie baby
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    Re: TSB boss Paul Pester to step down because of IT fiasco.

    Post by Angie baby on Sat 08 Sep 2018, 12:22 pm

    Actually they do, but the greatest amount of voting power is in the hands of the corporate shareholders.
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    papa_umau
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    Re: TSB boss Paul Pester to step down because of IT fiasco.

    Post by papa_umau on Sun 09 Sep 2018, 11:56 am

    True Angie.

    In fact I do not think there are enough of the independent shareholders that vote the same way to make a real protest work.


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    Re: TSB boss Paul Pester to step down because of IT fiasco.

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