TSB COO: “Whole host of things” need to be fixed
TSB has told staff that it has “too many people” in some roles and that its IT infrastructure needs to be strengthened, according to the Financial Times.
TSB is aiming to put last year’s problems behind it
New chief operating officer, Suresh Viswanathan, spoke at a company-wide event and noted that the bank’s day-to-day expenses were “disproportionately high”. The bank, according to Viswanathan, is working on a new programme called “Project Dawn”.
TSB is still recovering from a damaging core banking switch, which saw customer locked out of their accounts for weeks and the bank take a £105 million hit as a result.
Viswanathan says to staff in a transcript of the speech seen by the FT that the bank’s problems were not down to a lack of money, but to poor execution. “Right now we just have too many people involved,” he added.
The chief operating officer joined TSB in August, part of a group of appointments made by new chief executive Debbie Crosbie, who took the reigns of the UK’s sixth-largest bank in the wake of the IT woes.
Viswanathan says that the bank is still keen to put the botched migration behind it but noted that there remained a “whole host of things” that still needed to be fixed when it came to the bank’s controls and information technology.
