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TSB losses pass £100m on back of IT meltdown

TSB’s losses have spiralled to £107m for the first six months of the year in the wake of a botched IT upgrade.

More than a billion customer records were due for migration in April, but more than a million were left without online banking access.

In its first results since the failure, TSB has budgeted £176m to cover the costs of the meltdown, to cover both compensation and the recruitment of specialists to resolve issues, Sky News reports.

TSB chief executive Paul Pester says: “We’re making progress in resolving the service problems customers experienced following our IT migration, and we will continue to work tirelessly until we have put things right.”

MPs: We have ‘lost confidence’ in TSB chief

“I know how frustrated many customers have been by what’s happened. It was not acceptable, and was not the level of service that we pride ourselves on – nor was it what our customers have come to expect from TSB.”

Pester says that 1,300 customers suffered financial loss when the IT system was left vulnerable to hackers.

He will not take his bonus this year, he told MPs, as they launched an enquiry into the failures in June.

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