Technical outage costs TSB Bank $431 million

Posted On: Feb. 4, 2019 5:00 AM CST

U.K.-based TSB Banking Group P.L.C. said that a technical outage that left 2 million customers without online banking access cost the bank more than £330 million ($431.5 million) in compensation, fraud and lost income, City A.M. reported. After the April 2018 incident the bank has lost 80,000 customers and Peter Pester, its chief executive, resigned in September due to the outage.