TSB Takes Another £36M Hit Over Major IT Meltdown

Law360, London (July 26, 2019, 4:13 PM BST) -- TSB said Friday it has taken a further £36.2 million ($44.7 million) hit to its earnings over a massive IT glitch in 2018, bringing the cost of the damaging episode to more than £366 million.

The lender is still paying the price for a computer system meltdown that left nearly two million customers locked out of their accounts. The crisis prompted financial regulators to investigate and cost the bank’s chief executive his job.

TSB PLC said in its latest quarterly financial results that it has added a £36.2 million cost to the £330 million it has already shelled out last year to...

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