Their SOLUTION to this The bank had to reconcile the data from the disparate systems, often by hand before trades could be processed and recorded o A solution Regulators are demanding that financial institutions improve the way they manage risk o How the banks are responding to the new reg implements Are under pressure to make their aging computer systems comply But the IT infrastructures at many traditional financial institutes are failing to keep up with the reg pressure or competitors like Apple John Cyan becomes CEO in July 2015 - John Cryan become CEO - He tried to reduce costs and improve efficiency o Laid off thousands of employees o He focused on overhauling the banks aged systems (as they are a major impediment to controlling costs and finding new sources for profit and growth) o Cryan noted that the banks cost was high because of Ineffective business processes Inadequate technology
And tasks being handled manually (a lot of em) o His Solution Called for standardizing the banks systems and procedures Eliminating antiquity software Standardizing and enhancing data and improving reporting He also employed Kim Hammonds as chief operating officer to over see re-engineering the banks information systems Hammonds was their when everything failed and saw it first hand He also was the chief information officer at Boeing and mentioned that Boeings Info systems worked off trial and
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- Fall '12