TSB chief executive Debbie Crosbie banked a cool £1.17m last year but it marked a fall on the previous year as the high street bank nursed a hefty loss.
This week TSB reported a £204.6m annual loss, nearly twice as big as the £105.4m loss it suffered in 2018 after its IT meltdown. The bank said it had taken a £164m hit to cover the cost of bad loans as a result of the downturn caused by the pandemic.
In April TSB’s executive committee waived all bonuses for the year as a result of the impact of the pandemic.
Debbie Crosbie received £1.17m for the year but it marked a fall on the £1.44m paid a year earlier.
Crosbie’s base salary of £950,000 remained the same. This year she forfeited some remuneration due to payments related to leaving her role at CYBG.
The high street lender’s 6,500-strong workforce, who shared a £17.7m bonus pool last year, have just £10.5m this year on top of an annual salary increase of just 0.75 per cent.
“2020 has been a challenging year for TSB resulting in a financial performance that was adverse to plan, primarily due to the consequences of the Covid-19 pandemic and the provision for estimated charges relating to the treatment of some customers in arrears,” Crosbie said in TSB’s annual report.
Other high street lenders have had a worse time. In December TSB’s former parent Lloyds Banking Group announced it was scrapping bonuses after recording a sharp drop in profit, leaving staff across its brands without a bonus pot.