Skip to content
Saturday 8 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE
MorningWire

European business, markets and politics

FTSE 100
10,901.09
+0.31%
DAX
26,319.45
+0.69%
CAC 40
8,714.93
+0.17%
STOXX 50
6,523.86
+0.33%
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
More
GermanyFranceBankingAIEnergyFintechPropertyCapital Markets
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
  • DE
Wednesday 24 October 2018 4:16 pm  |  Updated:  Tuesday 21 May 2019 4:21 pm

TSB’s prolonged IT crisis cost it 16,600 customers

By: Max Kelly

Add as a preferred source on Google

NULL

TSB lost more than 16,600 customers to rivals between April and June, after an IT fiasco prevented up to 1.9m people from accessing their bank accounts.

The crisis led to TSB announcing a pre-tax loss of £107.4m during its half-year results in July, down from £108.3m profit in the same period last year.

Read more: Investigation report into TSB IT meltdown to be fast-tracked

The IT meltdown occurred after a botched migration of 5.2m customer records from former owner Lloyds Banking Group to a new system belonging to its current owner Sabadell.

Customers have continued to face sporadic IT issues.

Chief executive Paul Pester resigned in September after months of criticism, with the Treasury select committee saying back in June that the board should give “serious consideration as to whether his position was sustainable”.

The latest figures, provided by payments company BACS, show the number of customers using the government's Current Account Switching Service.

A TSB spokesperson said: “The number of people who use the Current Account Switching Service is only part of the total picture. During the three months in question we actually saw more than 20,000 customers either open a new bank account at one of our branches or switch their account to us using the CASS system.”

A separate poll by Money Saving Expert in August found that TSB had plummeted from fourth to 11th place in a banking customer service poll following the online disaster.

Read more: TSB plunges to bottom of banking customer service poll following IT crisis

The figures showed more positive results for Nationwide, which gained 34,577 customers over the period.

Fintech banks Monzo and Starling, who have only recently started being recorded by BACS, attracted 2,702 and 1,737 customers respectively over the three months.

Both Monzo and Starling have lured customers away from the major brands with simple mobile apps and competitive foreign exchange rates.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Banking
  • Business

Related Topics

  • Company
  • FinTech
  • Lloyds Banking Group
  • Nationwide

Trending Articles

  • WPP slashes jobs as revenue continues to fall

  • Liverpool owners tipped to sell – but not to Amazon boss Bezos – by former CEO

  • Revolut founder’s wealth set to balloon amid talks of share award at $500bn valuation

  • Starling plans to ‘come out swinging’ in diversification bid

  • As it happened: Stocks rise despite new tensions in Strait of Hormuz; Oil price climbs

More from Morning Wire

  • Roasting heat putting Brits off roasts, warns Toby Carvery owner

    Hospitality
    Close-up of a plated roast dinner with meat, roasted potatoes, peas, carrots, and gravy on a white plate
  • Government urged to refuse £1bn British Steel repayment to Chinese former owner 

    Politics
    Labour's Jonathan Reynolds unveiled the industrial strategy in June.
  • Wise denied US banking licence in blow to expansion plans

    Banking
    Wise outlined plans to shift its primary listing to the US in June.
  • ‘Hard work ahead’: Diageo shares soar as Drastic Dave’s cost savings lift investor spirits

    Markets
    Diageo is expected to reveal a drop in profits for the past year
  • HSBC sells Singapore insurance arm to Allianz in £1.6bn deal

    Banking
    HSBC's stock has taken a hit due to the huge tariffs slapped on Asian countries.
  • Domino’s battles for slice of fried chicken market as revenue jumps

    Retail
    Dominos chicken pesto pizza, sliced, with red onion, bell peppers, and melted cheese on a dark background.
  • Rossella: The family business defying the hospitality crisis

    Food
    The Rossella house wine comes directly from the Meola family vineyard in Italy.
  • Invested as One: Northern Trust Grants Employees Company Stock

    Business Wire
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Business

  • Markets
  • Banking
  • Technology
  • Energy
  • Property
  • Fintech

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook