CITY WHISPERS: TSB mulls bonus for ex-boss, five years after IT fiasco

The lender sardonically known as the “Totally Shambolic Bank” is about to block a controversial bonus for the former boss who spearheaded a disastrous IT meltdown.

Millions of TSB customers lost access to their accounts for weeks in 2018 after a failed IT upgrade.

Former CEO Paul Pester withdrew a £1.7m payout in the same year, but an additional amount was deferred pending the outcome of both a 2019 Slaughter & May investigation and an investigation by the Financial Conduct Authority and the Prudential Regulation of the Bank of England Authority.

The TSB board will decide in the coming weeks what Pester and other executives who have since left the bank, if any, will receive.

But sources say that, in the wake of a £49m fine last month by the FCA and the damning verdict of both investigations, any payment could be seen as a ‘reward for failure’.

Burberry resists pressure over director

Burberry is resisting shareholder pressure to fire Danone’s boss from his role as an independent director at the luxury fashion house.

The trench coat maestros got a nosebleed at the July annual meeting when a third of the votes were cast against Antoine de Saint-Affrique’s re-election.

Annoyed investors were concerned he didn’t have enough time for Burberry in addition to his day job at the French food giant that turned over the owner of Actimel and Alpro.

But Burberry doesn’t budge.

In a statement last week, it said it had spoken to shareholders but believed he was “able to devote adequate time” to his duties.

Those thinking “quelle surprise” can at least turn their attention to a Q3 trading update, expected Wednesday.

Did Hoyle miss The Works deal?

Could Dean Hoyle, former chairman of The Works, miss out on a great deal at the discounter?

The Card Factory founder and chairman of Huddersfield Town FC sold the company last week, having jointly owned 16.75 per cent of it with his wife Janet until October when they began selling their stake.

In December alone, the pair flogged 5 percent of the group. But were they moving too fast, with all but one deal before a 36 percent rally that started in January?

Ouch.

Fresnillo tightened up climate policy

Silver may be a critical material to the green revolution, but one of the London Stock Exchange’s biggest miners has been downgraded over its climate change policies.

Fresnillo was removed from the FTSE4Good index last month during an evaluation – a list of the exchange’s most environmentally and socially robust companies.

Homebuilder Galliford Try was also removed – although it appears this was a technical glitch and he will be back in action.

Fresnillo and Galliford were replaced by Tyman and Plus500. But Fresnillo still boasted the stamp of approval on his website this weekend.

It has been warned by this column…

Contributor: Patrick Tooher