Year 2000 Expenses for 100 Largest U.S. Banksgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Another link I found today was a list of Y2K expenses for the largest 100 banks in the U.S. You can compare the dollar volumes they deal with and compare it with how much they are planning to spend on Y2K.
How is your bank doing?
-- Kevin (firstname.lastname@example.org), December 22, 1998
My eyes kinda glazed over, so I may have missed it. Did anyone see ANY bank that was spending as much as 3% of it's earnings on their Y2K budget? I caught a few who were around 2%. Most of the rest were well under 1%.
Well, I guess it doesn't matter. Time is problem, and none of them have enough to buy as much as an extra hour.
"Somebody has to do something, and it's just incredibly pathetic that it has to be us." -- Jerry Garcia
-- Hallyx (Hallyx@aol.com), December 22, 1998.
Where did your "glazed" 8-) see earnings? *Assets* are in the right-hand column of the table linked by Kevin, but not earnings.
And if you were comparing Y2K costs to those assets, I think you meant 0.3%, 0.2%, and 0.1%, respectively.
State Street Corp., Boston -- number 19 ranked by assets - lists only an upper bound of $200 million for Y2K costs; that's about 0.4% of its assets.
OTOH, there's Union Planters Corp., Memphis -- #30 by assets -- listing $0.7 million for Y2K, about 0.002% of its assets.
I suppose Union Planters is just being more detailed than all those smaller banks that list "immaterial amount" for Y2K, and further along in its Y2K work than those listing "no estimate".
-- No Spam Please (email@example.com), December 23, 1998.