Paul David Pester (born 14 January 1964) is a British banker. He was chief executive officer (CEO) of TSB Bank from 2013 to 2018.[1][2]

Early life

Pester grew up in Plymouth.[3] He was educated at Tamar High School, Plymouth.[4] He has a first class honours degree in physics from the University of Manchester, and a doctorate (DPhil) in mathematical physics from Brasenose College, University of Oxford in 1988.[1][5]

Career

Pester was employed by McKinsey & Co as a management consultant, before running Virgin Money, and then working in various senior roles for Lloyds TSB, Santander and Lloyds Banking Group.[6]

TSB

Pester was appointed in 2013 to launch TSB for the Lloyds Banking Group and, in June 2014, the BBC reported that he could earn more than £1.6 million that year in pay and bonuses.[7] He stepped down after a disastrous IT failure at the bank, which he claimed ultimate responsibility for. On stepping down, Pester took a substantial bonus - which raised eyebrows among TSB's customers, staff and regulators. This was eventually found to be a ‘contractual severance pay agreement’ .[2]

After TSB

Pester co-founded Loop, a money sharing social networking app, in 2021.[8] He was appointed chairman of Tandem Money in 2022.[9] Tandem acquired Loop in April 2023.[10]

Personal life

Pester lives in London with his second wife. He divorced in 2015 and remarried in 2017.[3]

References

  1. 1 2 "Paul Pester". Businessweek. Retrieved 11 June 2014.
  2. 1 2 "TSB boss to step down after IT fiasco". BBC News. 4 September 2018. Retrieved 4 September 2018.
  3. 1 2 Emma Haslett, Emma Haslett (28 April 2014). "By Emma Haslett Monday, 28 April 2014 Clean living and twinkly-eyed: The new TSB CEO is determined to change the face of banking". Management Today. Retrieved 11 June 2014.
  4. ↑ Armitage, Jim (10 September 2013). "TSB to boldly go back to local banking". The Independent. Archived from the original on 25 May 2022. Retrieved 11 June 2014.
  5. ↑ "Brazen Futures - Career Events". Brasenose College. Retrieved 11 June 2014.
  6. ↑ "LLOYDS BANKING GROUP ANNOUNCES EXECUTIVE LEADERSHIP TEAM FOR ITS VERDE BUSINESS" (PDF). Lloyds. Retrieved 11 June 2014.
  7. ↑ "TSB boss defends potential £1.6m pay package". BBC. 5 June 2014. Retrieved 11 June 2014.
  8. ↑ Kleinman, Mark (5 December 2021). "Former TSB CEO Pester joins fintech frenzy with launch of money-sharing social network Loop". Sky News. Retrieved 5 June 2023.
  9. ↑ "Challenger bank Tandem poaches finance chief from rival Atom". Sky News. 20 November 2022. Retrieved 5 June 2023.
  10. ↑ Duncan, Ellie (5 April 2023). "Tandem Bank buys money-sharing app Loop". Open Banking Expo. Retrieved 5 June 2023.


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