I began this Category in January of 1997 with a report on Citicorp and Chase Manhattan. The report said that Citicorp has 400 million lines of code. A year later, Citicorp estimates that it will have to commit $600 million to fix its systems, 1997 to 1999.
Citicorp's president was told about y2k in 1995. Citicorp is still not compliant.
There is a lot of uninformed chatter about big companies making it, but small companies failing. There is little evidence for this belief. When we are speaking of big banks, there is no evidence.
If the big banks go down, it doesn't matter what big anything else does. Everything goes bankrupt.
Notice that Citicorp spent $150 million in 1997. It must spend something in the range of $225 million this year, and another $225 million next year. What does this tell us? That Citicorp is not very far into its repair project.
This is from INFORMATIONWEEK (March 2).
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Citicorp, in a filing with the Securities and Exchange Commission last week, estimates it will spend about $600 million on worldwide year 2000 conversions and testing for the period 1997 through 1999. About $150 million of that total was spent in 1997, according to the New York-based bank.