TSB chief executive Debbie Crosbie was paid more than £1m last year during which the bank fell deep into the red amid the fallout from the coronavirus crisis.
The annual report of the bank, which is closing branches across Scotland, shows Ms Crosbie earned total remuneration of £1,166,327 in the year to December 31.
The report covers Ms Crosbie’s first full year in charge of Spanish-owned TSB, which she joined in May 2019 after holding senior roles at Clydesdale Bank.
READ MORE: Clydesdale big hitter to lead fightback at TSB
TSB lost £205m in 2020 following a big rise in bad debts. The bank made a £46m profit in 2019.
In the remuneration review in the 2020 report, TSB states: “2020 has been a challenging year for TSB resulting in a financial performance that was adverse to plan, primarily due to the consequences of the Covid-19 and the provision for estimated charges relating to the treatment of some customers in arrears.”
Ms Crosbie was appointed to run TSB months after the bank parted company with former chief executive Paul Pester in the wake of a botched IT upgrade. Some 1.9 million people using its digital and mobile banking were locked out following the problems.
After TSB posted a £21m interim profit in July 2019, MS Crosbie said: “My priority, along with my new executive team, will be to renew our focus on our customers and create our three-year strategy.”
TSB came under fire in October last year after announcing plans to close 73 of its branches in Scotland with the expected loss of around 300 jobs.
READ MORE: Full list of 73 branches TSB is closing
The bank cited a reduction in the number of customers using branches and a significant acceleration in digital adoption. It said it would continue to invest in the remaining 62 branches.
Ms Crosbie’s pay package for 2020 included a base salary of £950,000, a pension allowance of £168,217 and other benefits worth £48,110.
The annual report states that in April Ms Crosbie waived all variable pay for the 2020 performance year as a result of the then developing Covid-19 pandemic and implications for the bank.
She earned total remuneration of £1,442,660 in 2019, including £184,925 variable pay and £480,260 joining awards.
TSB was acquired by Sabadell in 2015 for £1.7 billion.
READ MORE: Clydesdale Bank owner under fire over plan to close branches as 100 job losses loom
Ms Crosbie spent 20 years at Clydesdale and former parent groups. She was acting chief executive of Clydesdale and Yorkshire Bank Group (CYBG) for four months in 2015 ahead of its demerger from National Australia Bank.
CYBG merged with Virgin Money in 2018 and subsequently assumed its name.
In July the group reactivated plans to close seven Clydesdale Bank branches in Scotland and five Virgin Money outlets, which it had paused because of the coronavirus. The closures left it with 55 branches.
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