As IT Fiasco Drags On, UK Bank’s Next Big Problem Could Be Internal Revolt

To bad they are not linked to performance

Rigged Game

It’s time for executive bonuses.

In my last article on UK lender TSB’s escalating IT nightmare, posted last Saturday, I signed off with a sarcastic remark about how, in the absolute worst case scenario, TSB’s senior executives may even lose their bonuses. It was meant as a joke. Surely TSB’s management would realize that awarding themselves massive bonuses as the chaos and financial pain caused to customers by their own botched IT upgrade continues to mushroom would be an unmitigated PR disaster. Wouldn’t they?

During questioning on Wednesday TSB’s chairman Richard Meddings did tell UK’s Members of Parliament that TSB’s CEO, Paul Pester, would be missing out on a £2 million bonus related to the IT project, which had been deferred last year. But that was in reference only to bonuses directly tied to the IT project. He did not rule out more general performance bonuses for the bank’s…

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