Sabadell pushed back the switchover to April to try to get the system working. TSB announced a delay, blaming the possibility of a UK interest rate rise – which did materialise – and the risk that the bank might leave itself unable to offer mortgage quotes over a crucial weekend. Even logging in was problematic.”īy the autumn it still was not ready. “Senior staff were furious about the state it was in. “It was unbelievable – hardly even a prototype or proof of concept, yet it was supposed to be fully tested and working by May before the integration work started,” the insider continued. “This turned what was a super-hard systems job a clusterfuck in the making,” the insider said.īy March 2017, the nightmare for customers that was going to unfold a year later appeared inevitable.
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To make matters worse, the Sabadell development team did not have full control – and therefore a full understanding – of the system they were trying to migrate customer data and systems from because Lloyds Banking Group was still the supplier. But tiny Spanish local banks are not sprawling LBG legacy systems.”
TSB people were saying that Sabadell had done this many times in Spain. “The time period to develop the new system and migrate TSB over to it was just 18 months,” the insider said. Photograph: LinkedInīy the summer of 2016, work on developing the new system was meant to be well under way and December 2017 was set as a hard-and-fast deadline for delivery.
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Software engineers toast the migration of customer records held on systems at Lloyds Banking Group to Sabadell’s platform. But the Proteo system was designed in 2000 specifically to handle mergers such as that of TSB into the Spanish group, and Sabadell pressed ahead. “It is not overly generous as a budget for that scale of migration,” John Harvie, a director of the global consultancy firm Protiviti, told the Financial Times in July 2015. Sabadell was warned in 2015 that its ambitious plan was high risk and that it was likely to cost far more than the £450m Lloyds was contributing to the effort. When Sabadell bought TSB for £1.7bn in March 2015, it put into motion a plan it had successfully executed in the past for several other smaller banks it had acquired: merge the bank’s IT systems with its own Proteo banking software and, in doing so, save millions. It controlled the system and offered it as a costly service to TSB when it was spun off from Lloyds in September 2013. Under this arrangement, LBG held all the cards. It seemed a bad fit for a smaller bank to inherit all the problems of a bloated mess to service far fewer customers,” the insider said. “The idea with the IT was to create a mirror copy of the sprawling LBG merged systems and use this to service the much smaller TSB bank. That banking system was a “bodge of many old systems for TSB, BOS, Halifax, Cheltenham and Gloucester and others” that had resulted from the “nightmare” integration of HBOS with Lloyds as a result of the banking crisis, according to one insider who had extensive access to and intimate knowledge of LBG and TSB’s internal systems over a prolonged period. Laser tag scottsdale.When TSB split from Lloyds Banking Group (LBG), a move forced by the EU as a condition of its taxpayer bailout in 2008, a clone of the original group’s computer system was created and rented to TSB for £100m a year.
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