TSB boss to step down following IT failures

The bank's customers endured months of disruption after an IT meltdown hit its online banking and mobile app in April. The tech troubles were triggered by a migration of customer data from former owner Lloyds' IT system to a new one managed by TSB's current owner Sabadell in April.

But since then the problems have continued, and Pester's announcement comes just a day after many customers were again left unable to access their accounts. TSB's social media channels are now saying "good service" has resumed.

TSB's non-executive chairman Richard Meddings will take on the role of executive chairman with immediate effect to begin the hunt for a new chief executive.

To read more about TSB's woes, see our guide.

What does Paul Pester say?

Paul Pester said: "The last few months have been challenging for everyone at TSB. However, I want to thank all my colleagues across TSB for their dedication and commitment during this period and for their focus on putting things right for TSB customers.

"It has been a privilege to lead TSB through its creation and first five years. I look forward to seeing the next stage of our bank's history evolve."

Richard Meddings added: "Paul has made an enormous contribution to TSB. Thanks to his passion and commitment, TSB is today one of the UK's strongest challenger banks, serving over five million customers across the UK.

"On behalf of the TSB board, I want to thank Paul for everything he has achieved as CEO and pay tribute to the contribution he has made in bringing greater competition to the UK retail banking market."