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Is it a Glitch or a Meltdown?

09/07/2012

It depends on who you talk to as to whether the most recent problem faced by the RBS group is described as a mere “glitch” or a catastrophic “meltdown”. As you might expect, Stephen Hester, CEO of RBS, firmly sticks to the former.

We still don’t know the full details of what went wrong at RBS, NatWest and Ulster Bank. What we do know is that there was a change to an overnight batch and that change caused a problem which meant millions of payments never got made and some people could not login to online banking systems…

Click here to read the article in full.