Community
Popular digital arts community and message board B3ta.com poses an interesting question of the week – What’s the most expensive mistake you’ve ever made?
Not surprisingly, IT cock-ups make up a large number of responses. But the best one describes what happened when a poorly written storage management script brought down the entire same-day settlement system at a major investment bank.
http://www.b3ta.com/questions/expensivemistakes/post95910/
Apparently, there were $12 trillion of outstanding trades held up by this failure, but they managed to pull it back from the brink and escape with a $100 million fine for non-completed trades. The author’s conclusion: most banks are insane and they never do anything to fix problems until *after* it costs them uber-money.
I can’t vouch for the veracity of this tale, but it’s a great read. Any guesses as to which bank they are referring to? Shouldn’t be too hard to figure out.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Scott Dawson CEO at DECTA
08 May
Vitaliy Shtyrkin Chief Product Officer at B2BINPAY
07 May
Frank Moreno CMO at Entersekt
Yuliya Barabash Managing Partner at SBSB Fintech Lawyers
06 May
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.