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Barclays set to pay customers £12.5m compensation after IT outages
To put that in perspective that £12.5 million compensation is roughly 14 hours profit, or 0.14% of their annual profit. Their C-Suite will be more annoyed at having to attend the various regulatory and parliamentary committees than they will be by having to pay out £12.5 million.
The equivalent figures for the other banks also provide perspective, the next highest being £350K! The Barclays total is obviously skewed by the most recent outage, and I suspect that they may revise their figures for the previous ones too, as all they actually said was:
Q11. The amount of compensation that Barclays UK has paid to its customers due to IT
failures over the last two years In the time available to respond, our estimate is that levels of compensation for loss and
inconvenience arising from these incidents is less than £5million
