A very senior source at RBS Group affirms that the RBS IT is so antique and complex that the marvel is that they don't have a major IT issue ever day. Yet the Williams & Glyn operation is going to be dependent on "a clone"?? What Planet are they on?
Presumably this is part of the same complex financial structuring and IT cover up that I hear sank the bid process last year. As I understand it the best bidder in last year's offer process was turned down because the sellers knew the IT would fail due diligence and it had to be sold to a "friendly party". fyi: Someone should ask Tesco Bank how it is going with their RBS clone!
Also Read Alex Brummer's book on Bad Banks for confirmation that Lloyds Bank IT was a shambles at the time of Co-op "take-over" bid.
Planet Zog for sure. Where all in banking is never of this world.
Those staff are cloning RBS’ IT systems and infrastructure to make sure Williams and Glyn will not have to rely on its former parent when it floats off as a new bank, in contrast to Lloyds’ spin-off TSB which chose to continue using Lloyds’ systems.