July 27, 2018 / 6:20 AM / 4 months ago

TSB books first half loss due to IT outage

LONDON, July 27 (Reuters) - Britain’s TSB bank reported a pre-tax loss of 107.4 million pounds ($140.75 million) on Friday due to costs related to a botched IT update which plunged the lender into chaos for weeks earlier in the year.

The bank, owned by Spain’s Sabadell, said it had recognised costs related to the IT outage of 176.4 million pounds, while the update itself cost 318 million pounds.

CEO Paul Pester, whose position was called into question by lawmakers following the outage, said: “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.” ($1 = 0.7631 pounds) (Reporting by Emma Rumney, editing by Silvia Aloisi)

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