UK bank TSB reported losses of £107.4m (2.65bn) and 26,000 customers in H1, because of its botched IT migration to a new Banco Sabadell platform. However, 20,000 new customers opened an account with the bank in Q2. TSB recruited more than 1,800 people and moved 700 staff to customer-facing roles amid the migration chaos, while forgoing £176.4m income for post-migration costs, such as customer compensation and waived fees and interest charges. Meanwhile, Banco Sabadell's Spanish rival, BBVA, reported €$138.4m ($3.07bn) profit in H1, attributed to its expansion into digital banking.
UK bank TSB reported losses of £107.4m ($138.4m) and 26,000 customers in H1, because of its botched IT migration to a new Banco Sabadell platform. However, 20,000 new customers opened an account with the bank in Q2. TSB recruited more than 1,800 people and moved 700 staff to customer-facing roles amid the migration chaos, while forgoing £176.4m income for post-migration costs, such as customer compensation and waived fees and interest charges. Meanwhile, Banco Sabadell's Spanish rival, BBVA, reported €2.65bn ($3.07bn) profit in H1, attributed to its expansion into digital banking.