Page 294 - Bank Case Studies

“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.