Payment chaos: For bottom-line-obsessed bank executives, IT systems are an expense to be slashed. The results are in.
The botched IT migration is still dogging customers of the UK lender.
The horribly botched IT upgrade hits the income statement.
Contracted to fix the fiasco, IBM estimates costs at $1.25 billion: sources. There’s even talk of divorce, after just 3 years of corporate marriage.
Bank-friendly regulators finally show some interest.
“It is unacceptable for banks not to keep our accounts safe.”
It’s time for executive bonuses.
“This turned what was a super-hard systems job [into] a clusterfuck in the making.”
But Spanish parent, Banco Sabadell, proclaimed triumphantly to its Spanish audience that the botched IT transition was a resounding success.