Page 39 - TSB G Case Study
P. 39
“What I’m nervous about is that the uncertainty
created by the Brexit vote will refocus
policymakers on negotiating the exit and will
take their eye off the ball in the reform of
banking,”
said Pester.
As CEO of TSB he Pester had exceeded his goal to attract
6% of all current accounts switchers, taking a 7% share in
the first six months of 2015. Further, profits in the first
half rose 440% to £125m, bolstered by the Northern Rock
mortgages acquisition.
TSB has been lauding its IT plans over the last couple of
years, promoting them as a differentiator. However, for
Pester the pace of TSB profit growth was likely to slow
down as the impact of continued low interest rates and a
rising bill for the use of Lloyds’ IT systems impacted on
future financial performance.
