Has RBS run out of cash?

Debt_Free_Chick

beaujolais-nouveau wrote: »

The software upgrade story looks to be a red herring.

http://news.sky.com/story/952931/fraud-ring-in-hacking-attack-on-60-banks

Some 60m euro is stolen from bank accounts in a massive cyber raid, after fraudsters raid dozens of banks around the world.

:rotfl::rotfl::rotfl:

What a dreadful piece of journalism. This is a reference to a report published by McAfee and Guardian Analytics. GA's business is - guess what - online banking security software. Shock, horror! There's been no "investigation" by Sky, just a regurgitation of GA's press release about their "research".

The fraud outlined in this report relates to the theft of large sums of money from wealthy customers, which is not what we're seeing here.

That report took some time to compile so it relates to "old" activity. Full report here. The main example of the fraud seems to have occurred in Holland, with fraudsters possibly based in Russia.

Generali

purch wrote: »

You'd have hated working in my back office Gen.

No time for a breakfast run, you'd be spending all day sorting out the !!!!-ups I'd made on me deals :eek:

Nah, I always used to pride myself on being able to sort out any problem unless you got on the wrong side of the trade.

If you'd sold or bought on both sides of the trade with both your client and counterparty then you, the spread and the risk manager could argue it out amongst yourselves.

LisaW123

and did Prince Philip arrange that car crash?

joe_blotts

Royal Bank of Scotland estimated it may have to post £9bn of collateral as a result of the one-notch Moody’s downgrade to Baa1 in a statement on June 21. A sudden need for cash to post collateral against the downgrade and a 'computer glitch' preventing clients from accessing funds in the same week. Coincidence?

Generali

joe_blotts wrote: »

Coincidence?

Yes..............

wotsthat

I'd love to observe, from a safe distance, some of the mentals that post on here.

JasonLVC

RBS is more or less a state owned bank.

Since when did the state ever succeed with an IT project?;)

Therefore it should not be surprise to see yet another government department messing up a simple IT project.:D

purch

joe_blotts wrote: »

Coincidence?

Welcome to the forum.

Hopefully your future postings will be less moronic that your first :eek:

lexilondon21

Have they run out of cash?

No, they still have mine

BigAunty

My partner works as a software tester and has long complained about the poor calibre of outsourced indian colleagues who are responsible for testing or maintaining the test environments.

I'm aware that in her field there are a lot of UK testers/developers who are bitter about the degree to which their field has moved overseas to save money. One of my software managers (a developer who worked in a defect management team) would tear his hair out at the quality of the testing work - "Do they grab these people off the street and say 'now you are a tester, get on with it'?"

My partner's frustration is around poor communication, poor documentation, weak processes, quality of work. They've lost count at the amount of time a test environment is taken down with no warning - up to a day's work regularly lost because the Indian back end teams can't manage simple scheduling activities and forewarn those using the environments when they will go offline. So they apologise and promise it won't happen again, and it happens regularly for the whole duration of the project, in fact pretty much any project my partner has worked on for any client, it's a standing joke.

Also, my partner maintains there are perhaps business/cultural issues which mean overseas colleagues won't say if they can't meet a deadline or have difficulty with a task - it simply doesn't get done. Or if a process isn't followed and they are notified about this, chances are it will be breached time and time again. Some kind of saving face or passive-aggression thing going on, perhaps.

So I wouldn't be surprised if there are ex RBS staff rubbing their hands with glee at the devastation wreaked by poor quality staff based in India.

EDIT - oh, dear me, the IT glitch originated in Edinburgh....Outsource more of the processing at once!!

http://www.dailymail.co.uk/news/article-2166379/RBS-boss-Stephen-Hester-forgoes-bonus-revealed-IT-glitch-originated-Edinburgh-NOT-India.html