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22 August 2017

A decade of IT change since banking meltdown

In the 10 years since the global financial crisis, the core systems of banking IT have not changed much but IT departments and CIO strategies have had to. It has been almost a decade since Northern Rock was forced to get an emergency loan from the Bank of England and was nationalised to prevent it from breaching solvency rules. Panicked customers queuing outside the bank to rescue their savings became one of the lasting images associated with the financial crisis. Although cracks began to appear in 2007, it was in 2008 when the banking carnage cranked up a gear with bank collapses, bail outs, forced mergers and another nationalisation. It became fully apparent that there was trouble in the financial system by September 2008 when US investment bank Lehman Brothers entered administration after 150 years in business. This – along with other industry shocks, known collectively as the credit crunch – was the beginning of a fundamental change in the banking sector. The credit crunch put huge pressure on IT leaders in the sector as ...

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