TSB CEO steps down over IT fiasco, fury over We Buy Any Car exec's ￡29m bonus, and more top news

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TSB’s Paul Pester will step down from his role as chief executive after customers were hit by a second IT failure in just four months. Pester’s departure comes as thousands of mobile and online customers were locked out of their accounts over the weekend and into Monday, reporting a range of issues, including “duplicate transactions”. More than 12,500 customers have exited the bank since an IT disaster in April left up to 1.9 million TSB customers without access to their accounts for several weeks – prompting MPs to question the sustainability of Pester’s position.

The boss of We Buy Any Car has sparked fury over her ￡29m bonus. Avril Palmer-Baunack, chief executive of British Car Auctions, which owns We Buy Any Car is in line to receive a bonus nearly 59 times her annual salary of ￡525,000 thanks to an incentive plan connected to the company’s share price. Shareholders are being urged to vote against the package at Thursday's AGM by advisory firm Glass Lewis. Palmer-Baunack is believed to be the highest-ever paid female boss of a London Stock Exchange-listed company.

Thames Water has vowed to invest a record ￡12bn on infrastructure upgrades following regulatory backlash. Thames Water, which supplies more than 15 million people, is aiming to reduce leakage and cap investor payouts in a bid to boost its reputation. Meanwhile, Thames Water is among four UK water companies planning to freeze or cut energy bills. Severn Trent and United Utilities said they would cut customer’s average bills by 5% and 10.5% respectively from 2020, while Thames Water said it would keep bills flat.

Royal Mail has delivered its largest acquisition since becoming a listed company in 2013, scooping up a Canadian parcels company in a ￡213m deal. The deal is the latest in a line of acquisitions, which has seen the former state-owned postal service strengthen its position in Spain and North America. Domestically, Royal Mail has seen EU privacy reforms and competition from online giant Amazon dent earnings.

The Bank of England’s Mark Carney will be grilled today by MPs over his future as governor of the central bank. Reports emerged last week that the Canadian had been asked to extend his term for another year until summer 2020, to “provide continuity during the turbulence of Brexit” – later denied by the Treasury. Carney, who joined the Bank of England in 2013, has already extended his term once and is due to step down in June next year, three months after the UK formally leaves the EU.

Idea of the Day: Before a job interview, why not record yourself as you practice answering questions, then watch to learn how you respond, advises Korn Ferry CEO Gary Burnison.

“You need responses that are punchy, crisp, compelling, and to the point. One-word answers are a disaster, but so is a filibuster. Keep it conversational. You can always elaborate when the interviewer asks a follow-up question.”

— Natalie MacDonald