TSB calls up elite law firm Slaughter and May to advise on IT crisis

Embattled bank TSB has engaged leading law firm Slaughter and May to advise on its ongoing IT crisis.

The bank has been rocked by IT problems that have left many of its customers without access to their online banking accounts for the past two weeks.

The law firm has been brought in by the under siege bank to conduct a probe into the circumstances surrounding the IT outage, which followed an attempt to migrate from one IT platform to another.

Read more: TSB online banking woes continue into second week

Slaughters, one of the so-called magic circle of five leading London-headquartered law firms, is one of the most profitable law firms in the City, with an average equity partner taking home an estimated £2.35m last year.

Sky News first reported the firm’s appointment, news of which comes on the day TSB’s bosses are to face a grilling from MPs over the IT outage.

Chief executive Paul Pester, chairman Richard Meddings and the chief operating officer of TSB’s Spanish owner Sabadell, Miquel Montes, will face MPs today.

Read more: TSB boss Paul Pester among top execs to face MP grilling over IT chaos

The three are set to appear before the Treasury Select Committee this afternoon to explain how the outage had come about and what steps they are taking to help customers.

TSB and Slaughters declined to comment.