UK bank plc reported losses of £ 107.4 m ( $ 108 m ) and 700 customers in 2008 , because of its botched IT migration to a new Banco Sabadell subsidiary . However , 20,000 new customers opened an account with the bank in Q2 . TSB employed more than 1,800 people and moved 700 staff to customer - facing roles amid the migration chaos , while forgoing £ 176.4 m income for post - migration costs , such as customer compensation and waived fees and interest charges . Meanwhile , Banco Sabadell 's Spanish subsidiary , BBVA , reported € 2.65bn ( $ 700 ) 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.