Paul David Pester (born 14 January 1964) is a British businessman and executive. He is currently the Chairman of Tandem Bank. Pester is also a non-executive Director and co-founder of FinTech accelerator, Archie. He was chief executive officer (CEO) of TSB Bank from 2013 to 2018.[1][2]
Pester was employed by McKinsey & Co as a management consultant, before being appointed Group CEO of Virgin Money. During Pester's tenure as CEO, Virgin Money Group launched in Australia.[6] He then began working in various senior roles for Lloyds TSB, Santander and Lloyds Banking Group.[7]
In May 2011, Pester was appointed as the CEO of Project Verde and tasked with moulding a group of 632 bank branches Lloyds was being forced to divest by the European Commission as a penalty for receiving State Aid from the UK Government during the 2008 banking crisis, into a new bank. The new bank was eventually named TSB.[8][9]
Pester was appointed in 2013 to launch TSB for the Lloyds Banking Group and, in June 2014, listed the bank on the UK stock market. During this time, the BBC reported that he could earn more than £1.6 million that year in pay and bonuses.[10] He stepped down after a significant IT failure at the bank, which he took responsibility for. On stepping down, Pester took a substantial bonus. This was eventually found to be a ‘contractual severance pay agreement’ .[2] Pester participated in subsequent investigations into the causes of the IT issues by the FCA, PRA and law firm Slaughter & May. Ultimately the root causes of the issues were identified as a failure by Sabadell’s IT subsidiary. Pester was not found to have committed any wrongdoing by the FCA, PRA, and Slaughter & May.[11][12]
In October 2015, Pester was appointed as an advisor to the Chancellor of the Exchequer and HM Treasury on competition issues in banking, sitting as a member of the High Level Treasury Advisory Group.[13]
In 2020, Pester was appointed chair of the Fairer Finance Consumer Advisory Board. Pester co-founded Loop, a money-sharing social networking app, in 2021.[14] He was appointed chairman of Tandem Money in 2022.[15] Tandem acquired Loop in April 2023.[16] He has also advised private equity groups including KKR, Centerbridge, and Pollen Street Capital.[17]
In 2023, Pester co-founded the Fintech accelerator Archie.[18]
Personal lifeedit
Pester lives in London with his second wife, having divorced in 2015 and remarried in 2017.[3]He is also a competitive swimmer and triathlete, having represented Team GBR in the 2022 European Aquathlon Championships in Bilbao.[19]
Referencesedit
^ ab"Paul Pester". Businessweek. Retrieved 11 June 2014.[dead link]
^ ab"TSB boss to step down after IT fiasco". BBC News. 4 September 2018. Retrieved 4 September 2018.
^ abEmma 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.
^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.
^"Brazen Futures - Career Events". Brasenose College. Retrieved 11 June 2014.
^"Lloyds prepares IPO option if branch auction flops". Reuters.
^"LLOYDS BANKING GROUP ANNOUNCES EXECUTIVE LEADERSHIP TEAM FOR ITS VERDE BUSINESS" (PDF). Lloyds. Retrieved 11 June 2014.
^Haslett, Emma. "TSB's Paul Pester: Before the IT meltdown". Management Today.
^"Integration guru Paul Pester to oversee Lloyds sell-off". The Scotsman.
^"TSB boss defends potential £1.6m pay package". BBC. 5 June 2014. Retrieved 11 June 2014.
^"Former TSB chief information officer fined £81,000 over IT meltdown in 2018". The Guardian.
^"Poor IT integration leads to M&A failures". Raconteur.
^Wallace, Tim. "Treasury will meet challenger banks four times a year amid concerns sector is not a level playing field". Telegraph.
^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.
^"Challenger bank Tandem poaches finance chief from rival Atom". Sky News. 20 November 2022. Retrieved 5 June 2023.
^Duncan, Ellie (5 April 2023). "Tandem Bank buys money-sharing app Loop". Open Banking Expo. Retrieved 5 June 2023.
^"Former TSB chief Paul Pester moves into fintech with social network for money". Finextra.
paul, pester, paul, david, pester, born, january, 1964, british, businessman, executive, currently, chairman, tandem, bank, pester, also, executive, director, founder, fintech, accelerator, archie, chief, executive, officer, bank, from, 2013, 2018, born14, jan. Paul David Pester born 14 January 1964 is a British businessman and executive He is currently the Chairman of Tandem Bank Pester is also a non executive Director and co founder of FinTech accelerator Archie He was chief executive officer CEO of TSB Bank from 2013 to 2018 1 2 Paul PesterBorn14 January 1964NationalityBritishOccupationBusinessmanKnown forVirgin MoneyTSB BankTandem Money Contents 1 Early life 2 Career 3 Personal life 4 ReferencesEarly life editPester 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 editPester was employed by McKinsey amp Co as a management consultant before being appointed Group CEO of Virgin Money During Pester s tenure as CEO Virgin Money Group launched in Australia 6 He then began working in various senior roles for Lloyds TSB Santander and Lloyds Banking Group 7 In May 2011 Pester was appointed as the CEO of Project Verde and tasked with moulding a group of 632 bank branches Lloyds was being forced to divest by the European Commission as a penalty for receiving State Aid from the UK Government during the 2008 banking crisis into a new bank The new bank was eventually named TSB 8 9 Pester was appointed in 2013 to launch TSB for the Lloyds Banking Group and in June 2014 listed the bank on the UK stock market During this time the BBC reported that he could earn more than 1 6 million that year in pay and bonuses 10 He stepped down after a significant IT failure at the bank which he took responsibility for On stepping down Pester took a substantial bonus This was eventually found to be a contractual severance pay agreement 2 Pester participated in subsequent investigations into the causes of the IT issues by the FCA PRA and law firm Slaughter amp May Ultimately the root causes of the issues were identified as a failure by Sabadell s IT subsidiary Pester was not found to have committed any wrongdoing by the FCA PRA and Slaughter amp May 11 12 In October 2015 Pester was appointed as an advisor to the Chancellor of the Exchequer and HM Treasury on competition issues in banking sitting as a member of the High Level Treasury Advisory Group 13 In 2020 Pester was appointed chair of the Fairer Finance Consumer Advisory Board Pester co founded Loop a money sharing social networking app in 2021 14 He was appointed chairman of Tandem Money in 2022 15 Tandem acquired Loop in April 2023 16 He has also advised private equity groups including KKR Centerbridge and Pollen Street Capital 17 In 2023 Pester co founded the Fintech accelerator Archie 18 Personal life editPester lives in London with his second wife having divorced in 2015 and remarried in 2017 3 He is also a competitive swimmer and triathlete having represented Team GBR in the 2022 European Aquathlon Championships in Bilbao 19 References edit a b Paul Pester Businessweek Retrieved 11 June 2014 dead link a b TSB boss to step down after IT fiasco BBC News 4 September 2018 Retrieved 4 September 2018 a b 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 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 Brazen Futures Career Events Brasenose College Retrieved 11 June 2014 Lloyds prepares IPO option if branch auction flops Reuters LLOYDS BANKING GROUP ANNOUNCES EXECUTIVE LEADERSHIP TEAM FOR ITS VERDE BUSINESS PDF Lloyds Retrieved 11 June 2014 Haslett Emma TSB s Paul Pester Before the IT meltdown Management Today Integration guru Paul Pester to oversee Lloyds sell off The Scotsman TSB boss defends potential 1 6m pay package BBC 5 June 2014 Retrieved 11 June 2014 Former TSB chief information officer fined 81 000 over IT meltdown in 2018 The Guardian Poor IT integration leads to M amp A failures Raconteur Wallace Tim Treasury will meet challenger banks four times a year amid concerns sector is not a level playing field Telegraph 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 Challenger bank Tandem poaches finance chief from rival Atom Sky News 20 November 2022 Retrieved 5 June 2023 Duncan Ellie 5 April 2023 Tandem Bank buys money sharing app Loop Open Banking Expo Retrieved 5 June 2023 Former TSB chief Paul Pester moves into fintech with social network for money Finextra Archie Launches In London AltFi Results 2022 Europe Triathlon Aquathlon Championships Bilbao Bizkaia 55 59 Male AG Triathalon org Business positions Preceded byNew company Chief Executive of TSBSeptember 2013 September 2018 Succeeded byRichard Meddings Preceded by Managing Director of Consumer Banking amp Payments at Lloyds TSBSeptember 2010 June 2011 Succeeded by Preceded by Managing Director of Santander UKSeptember 2008 September 2010 Succeeded by Preceded by Chief Executive of MoneyfactsSeptember 2007 February 2008 Succeeded by Preceded by Managing Director of Consumer Banking at Lloyds TSBAugust 2005 September 2007 Succeeded by Preceded by Group Chief Executive of Virgin MoneyMarch 1999 July 2005 Succeeded by nbsp This article about a British businessperson born in the 1960s is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Paul Pester amp oldid 1223072654, wikipedia, wiki, book, books, library,
