High Street bank TSB returns to profit thanks to record mortgage lending Back in black High street bank TSB has revealed it returned to profit in 2021 thanks to record mortgage lending and a bounce back in the wider economy. The Spanish-owned lender posted annual pre-tax profits of £157.5m against losses of £204.6m in 2020. It comes after TSB notched up its highest-ever gross mortgage lending at £9.2 billion for [...]
TSB turns down ‘£1bn merger approach’ from Co-Operative Bank Co-operative Bank’s £1bn-plus offer for TSB has been rebuffed by its Spanish owners. Sabadell’s board decided to reject the offer at the end of September. The deal would have created a high street lender with 340 branches and over eight million customers, according to Sky News, which first reported the acquisition attempt. This would encompass [...]
TSB chair Richard Meddings to step down after three years TSB chairman Richard Meddings has announced plans to step down from his position later this year. Meddings, who became chairman in February 2018, will continue to lead the board while the search for a successor takes place. Is chairman is not moving to another role, but already hold a number of non-executive roles beyond his [...]
TSB reports losses as pandemic prompts lending surge February 1, 2021 TSB’s full-year financial performance was dented by the coronavirus pandemic as lending rose sharply, the bank announced today. Statutory loss before tax was £204.6m in 2020, compared to a £46m profit in 2019. The losses largely reflects the adoption of government measures in response to Covid-19, as well as unemployment rates and reduced customer spending. [...]
Sabadell to speed up cost cutting at TSB, chief executive says October 19, 2020 TSB-owner Banco Sabadell is planning to speed up cost-cutting measures at the British lender, the Spanish lender’s chief executive said. A cost reduction plan at TSB that was initially set to take three years will now be implemented over two years, said Jaime Guardiola. TSB announced plans to axe a third of its branches last [...]
Staff at British banks ‘forced to turn off NHS Covid tracing app at work’ October 8, 2020 Branch staff at some of the UK’s biggest banks say they are being put at risk by rules that require them to keep their phones in lockers at work, leaving them unable to use the NHS Covid-19 contact tracing app. Lloyds and TSB are among the lenders advising employees in branch to deactivate the contact [...]
Coronavirus: TSB to axe a third of branches and over 900 jobs September 30, 2020 TSB has announced plans to close 164 branches and cut over 900 jobs as the British lender grapples with the impact of the coronavirus pandemic. The lender said the cuts – which represent a 10 per cent reduction in the bank’s workforce and the loss of a third of its branches – were part of [...]
TSB risk chief Iain Laing steps down after IT meltdown January 12, 2020 TSB’s chief risk officer Iain Laing has become the latest executive to part ways with the bank as it reels from the fallout of a massive IT meltdown. Laing will step down at the end of January after three years in the role and will be replaced by chief audit officer Carlos Paz, who joined [...]
TSB’s IT boss ‘kept board in dark’ ahead of tech meltdown November 17, 2019 TSB Bank’s head of IT reportedly failed to warn board members about “shortcomings” with the testing of a new technology system days before it suffered a huge meltdown. TSB is facing a lengthy investigation by City law firm Slaughter and May into the botched rollout of a new IT system that caused nearly 2m customers [...]
TSB returns to growth after IT meltdown July 26, 2019 TSB announced it has returned to growth following a computer system meltdown that left millions of customers unable to access their accounts. The figures Statutory profit before tax in the first half of the year was £21.1m, compared to a loss of £107.4m in the first six months of 2018. Total customer deposits increased by [...]