thebuzby Sarzah Fister Gale
IN THESE PAGES
16 Numbers Game
18 Growing Pains
20 No Need to Panic—Yet
THE BANKING INDUSTRY is in
a merger frenzy not seen since the
late 1990s. But while the flurry of
deal-making may help stem the global
economic crisis, it’s probably going to
make for a slew of headaches for
project managers charged with creating and adapting the IT systems that
support all those new businesses.
And although the recession started
with a credit crunch in the United
States, the merger action spans the
globe. In the United States, Wells
Fargo & Co. purchased Wachovia
Corp., while Merrill Lynch & Co.
Inc. merged with Bank of America
Corp. In Ireland, Ulster Bank
absorbed First Active, and in Russia,
MDM and Ursa tried to speed debt
talks in early January in an effort to
fast track their merger.
No matter what the names are
behind the deals, they’re all faced with
the monstrous task of blending
disparate IT systems and transitioning
clients to a new operating system. They
also have to do it without compromising the security of customer data.
More often than not, though, the
projects are riddled with problems,
delays and disappointments, says
Kristin Moyer, a Denver, Colorado,
USA-based research director in the
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