UK bank fined £49M over IT system meltdown
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Re: UK bank fined £49M over IT system meltdown
#22008: "The UK-based IT department of the fifth largest bank continues to dwindle as more jobs go overseas... This round of cuts, starting in June and lasting 12 months, involves up to 250 permanent IT roles and 200 contractors from the bank's technical delivery division, responsible for software development and design." [1]
2018: "Timeline of trouble: how the TSB IT meltdown unfolded". [2]
It's probably more complicated than that, but perhaps not much more complicated.
[1] https://www.itpro.co.uk/197982/lloyds-tsb-cuts-more-uk-it-jo... [2] https://www.theguardian.com/business/2018/jun/06/timeline-of...
Re: UK bank fined £49M over IT system meltdown
#3i remember this. for at least a week people couldn't access their money. it was chaos. the bank lost lots of money and customers due to this botched transfer.
Re: UK bank fined £49M over IT system meltdown
#4The actual report by the FCA: https://www.fca.org.uk/publication/final-notices/tsb-bank-pl...
Re: UK bank fined £49M over IT system meltdown
#5Not my main bank so this did not affect me badly but their online (web based) banking portal is still glitchy and not very good.
Re: UK bank fined £49M over IT system meltdown
#62008: "The UK-based IT department of the fifth largest bank continues to dwindle as more jobs go overseas... This round of cuts, starting in June and lasting 12 months, involves up to 250 permanent IT roles and 200 contractors from the bank's technical delivery division, responsible for software development and design." [1] 2018: "Timeline of trouble: how the TSB IT meltdown unfolded". [2] It's probably more complica…
That probably has very little to do with it. The immediate cause of all the problems was that Lloyds TSB was forcibly split up in order to try and increase competition and the Lloyds half kept the IT department, and when the TSB half tried to move over to the existing IT platform of their new parent company everything broke.
Re: UK bank fined £49M over IT system meltdown
#72008: "The UK-based IT department of the fifth largest bank continues to dwindle as more jobs go overseas... This round of cuts, starting in June and lasting 12 months, involves up to 250 permanent IT roles and 200 contractors from the bank's technical delivery division, responsible for software development and design." [1] 2018: "Timeline of trouble: how the TSB IT meltdown unfolded". [2] It's probably more complica…
That probably has very little to do with it. The immediate cause of all the problems was that Lloyds TSB was forcibly split up in order to try and increase competition and the Lloyds half kept the IT department, and when the TSB half tried to move over to the existing IT platform of their new parent company everything broke.
True as far as it goes, but "everything broke" as a predictable result of poor decisions they made, such as moving everyone over in one go.
Re: UK bank fined £49M over IT system meltdown
#8Hopefully Virgin Money will get one too. They broke their Android app earlier this year and since they make you verify web logins using the app I was unable to access any of my business accounts for ~3 weeks.
If something really urgent had come up I could have done what I needed via telephone banking or in a branch, but it was a huge pain in the arse because of a single point of failure.
Just let me use a Yubikey as my second factor damnit.
Re: UK bank fined £49M over IT system meltdown
#9i remember this. for at least a week people couldn't access their money. it was chaos. the bank lost lots of money and customers due to this botched transfer.
People were seeing random balances in their accounts, or seeing other people's accounts, according to some news reports at the time: https://www.bbc.co.uk/news/uk-43860449
Re: UK bank fined £49M over IT system meltdown
#10The 250+ page analysis of the incident was an excellent insight into how large IT projects fail: https://www.tsb.co.uk/news-releases/slaughter-and-may/slaugh...
money quote: > This situation has all the hallmarks of business management strong-arming the IT organization into an unrealistic timeline. When business leaders push for overly-aggressive timelines, or regulators ask for multiple competing risk frameworks and excessive after-the-fact incident reporting, this all puts a strain on the delivery organization’s ability to untangle the complexity before ‘go live’.