, Columnist
What Does a Bank Meltdown Cost? Not Much, Actually
Sabadell hasn’t suffered enough from the fiasco at Britain’s TSB.
The cost of a tech failure.
Photographer: Pau Barrena/Bloomberg
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It was a spectacular fiasco, made even worse by the clumsy way in which it was handled.
TSB Banking Group Plc’s attempt in April to transfer the records of its 5 million customers to a new IT system left about a million of them unable to access their accounts and vulnerable to fraud. At first, TSB said things were running smoothly. It makes you wonder what their idea of chaos is.