Many U.S. banks are raising estimates for costs of year-2000 computer fixes

Article Abstract:

Cost estimates for protection of banks' computers from the Year-2000 bug are rising as the industry discovers more and more software and hardware in need of fixing or replacement. At this time, earnings are not expected to be affected but it is assumed that growth will be curtailed as banks have to allocate more resources to the problem. Chase Manhattan Corp.'s expected cost, for example, has jumped 21% over its previous estimate, to an outlay of $363 million over three years. The 15 largest U.S. banks now plan to spend in aggregate about $3.46 billion, compared to an estimate of $3.15 billion on June 30. Banks are said to have underestimated the size of the problem. BankAmerica has identified 24,000 separate business operations that may need attention. The industry also has to make sure that its clients are ready for the date change.

Industry Overview, Finance, Statistics, Year 2000 transition (Computers), Cost (Economics), Costs (Economics), Year 2000 transition

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Barclays names Michael O'Neill as chief executive

Article Abstract:

Michael O'Neill will leave North Carolina-based BankAmerica Corp. to become head of London's Barclays PLC following Martin Taylor's resignation. O'Neill was CFO of BankAmerica before its merger with NationsBank. Barclays is going through its own shake-up at the top. The 52-year-old O'Neill will start March 26 in London at $1.4 million plus bonus per year.

Comment:

New CEO Michael O'Neill to leave BankAmerica

United Kingdom, United States, Foreign operations, Executive changes & profiles, Officials and employees, Abstract, Barclays PLC

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