Articles about Financial Services Sector

The Register breaking news

Is Financial services IT in a mess?

Tech Panel Whether it’s insurance or banking, those working in financial services keep coming in for a lot of stick. Over the years, many organisations have spent shed loads of money on IT, yet customers still complain about bad service, broken processes and the fact that nothing seems to be joined up. This brings the state of IT into …
Martha Bennett, 11 Nov 2011

Blighty will be BIGGER and BETTER than Germany, confirm beancounters

Britain's teamsters may not be setting the sporting stage alight this summer but the local tech economy is heating up as it sprints to Euro glory. Figures from Chancellor George Osborne late last week showed that overall UK economic output is some two per cent larger than pre-financial crisis levels in 2008, after rising 0.8 per …
Paul Kunert, 28 Jul 2014
Files

UK.gov teams up with moneymen on HACK ATTACK INSURANCE

+Comment The UK government last week partnered with 12 insurance companies to develop the "cyber-insurance" market. But experts are split on whether encouraging the development of the nascent market will result in the adoption of improved security practices. Cabinet Office Minister Francis Maude said that while cyber insurance adds an …
John Leyden, 13 Nov 2014
Money image

Hackers steal trade secrets from major US hedge firm

Criminals have successfully attacked a hedge fund, delaying trades and stealing profitable secrets in a rare direct raid on the financial services sector, according to BAE Systems Applied Intelligence. The clever hack cost the unnamed US-based hedge fund millions of dollars over two months, the firm alleges. Attackers apparently …
Darren Pauli, 23 Jun 2014
Alistair Darling and Alex Salmond debate Scottish independence

Scottish independence: Will it really TEAR the HEART from IT firms?

Scots may vote to leave the United Kingdom, ending a union lasting 307 years, on 18 September. Until a few weeks ago, the referendum on independence looked like an easy win for those wanting to stay in the union - or to use the parlance of the campaign, "no" voters. But a surge in support has put those planning to vote "yes" to …
SA Mathieson, 11 Sep 2014

Co-op Bank to splash £500m on system revamp

The Co-operative Bank has put tech suppliers operating in Blighty's financial services sector on red alert after confirming plans to spend £500m on overhauling its creaking IT infrastructure after years of "under-investment". A wider rescue plan is being initiated by the bank after it discovered a £1.5bn black hole in the …
Paul Kunert, 05 Nov 2013
management consumerisation

Java or .NET bod in the Midlands? Congrats - you've got a DOUBLE DIGIT payrise

IT contractors are being treated to whopping great annual pay rises of up to 13 per cent, a survey has revealed. While the rest of the world makes do with rock bottom wages, tech bods working in the financial services sector are finding their pay packets shoot skywards due to heavy demand for their skills, according to the …
Jasper Hamill, 25 Feb 2014
The Register breaking news

Eurogeddon? Pah. UK banks are more terrified of hackers - big banker

Hacking attacks present a bigger risk to the operation of UK banks than problems caused by the ongoing eurozone crisis, according to a senior Bank of England director. Andrew Haldane, the BoE's director of financial stability, told parliament's Treasury Select Committee that representatives of Britain's top banks are telling him …
John Leyden, 13 Jun 2013

Despite your fancy-schmancy security tech, passwords still weakest link in IT defences

The use of stolen login credentials continues to be the most common way for network intruders to access sensitive information. Two out of three breaches were the result of weak or swiped passwords, making a case for strong two-factor authentication, according to Verizon’s latest annual Data Breach Investigations Report. The …
John Leyden, 22 Apr 2014

Whaddaya mean, NO REFUND? But I paid in Bitcoins! Oh I see...

Something after the Weekend, Sir? Don’t tell anyone but I think I might have made an arse of myself again. It’s one thing to show oneself up among one’s peers but another to demonstrate publicly how thick I am front of people who are smarter, sharper, more successful and frankly a damn sight wealthier than me – a sector of society I generally refer to as "other …
Alistair Dabbs, 22 Apr 2014
big droplets falling from rain cloud

CSC straddles clouds with ServiceMesh gobble

The worst thing about the cloud for users tends to be the built-in policy tools that are either very expensive or too broad in scope to fit the peculiarities of any one organization. So providers of private and public clouds have been busily buying up firms that make it easier to layer a specific set of rules and allocations …
Jack Clark, 31 Oct 2013
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Plunging BT sales hit every branch of the biz on way down

BT reported to the City this morning a total revenue fall of 6 per cent for the national telco's final three months of 2012. It said sales, excluding specific items relating to "regulatory decisions" on historic Ethernet pricing, hit £4.5bn during the period, down from £4.77bn a year earlier. Adjusted pre-tax profit climbed 7 …
Kelly Fiveash, 01 Feb 2013

What's big, rich and goes down on you in every department? BT

BT admitted this morning that fiscal 2013 was a year of declining sales across every division, although profits were given a slight uplift due to cost cutting. The national telco told City slickers it closed its fourth quarter, ended 31 March 2013, on a low: revenue dipped two per cent on the same period a year ago to £4.78bn, …
Paul Kunert, 10 May 2013
channel

MiFID: Financial borders fall but small firms must beware

Pan-European regulation of large sections of the financial services sector comes into force today, but the benefits of the system will largely pass smaller firms by, according to the British Banking Association (BBA). The Markets in Financial Instruments Directive (MiFID) is a European Union directive aimed at allowing financial …
OUT-LAW.COM, 02 Nov 2007

Hong Kong IT pros gloomy about the future

IT pros in Hong Kong are the least optimistic about their job prospects of all professionals, as Asia’s financial services hub struggles to adapt to continued global economic instability, according to a leading recruiter. Michael Page International’s latest Employee Intentions Report (PDF) for the Special Administrative Region ( …
Phil Muncaster, 24 Jul 2012
The Register breaking news

Understanding the make-up of information management

On demand On January 25th, Regcast presenter Jon Collins was joined by Freeform Dynamics’ Martha Bennett, Jason Frost from Blueprint, and Will Thompson from Microsoft for our very first live event of 2012. The thing that brought our panel together was the necessary evil that is - information management in business. Our latest Reg research …
Miatta Momoh, 03 Feb 2012
The Register breaking news

Banking IT cowboys 'need whipping into shape by watchdog'

The technology underpinning the UK's financial services sector needs urgent investment if regulators are to be able to spot potential abuses and prevent future financial crises, an influential report has claimed. Intellect, the trade association for the UK technology sector, said in its report (62-page/5MB PDF) that banks should …
OUT-LAW.COM, 09 Aug 2012
The Register breaking news

Somebody give BT a brolly: National telco blames RAIN for its pain

BT took a revenues pummeling during its second quarter ended 30 September by posting a 9 per cent decline to £4.47bn this morning. The national telco blamed the recession, regulation and even rain for its drop in sales during the three-month period. Apparently bad weather has meant a lot of expensive repairs. BT said pre-tax …
Kelly Fiveash, 01 Nov 2012
The Register breaking news

Data deluge, data desert or both?

Reg research Staying in business and keeping out of jail has dominated the financial services management agenda for the past few years and rightly so. IT has playing a crucial role in supporting those aims, helping organisations achieve regulatory compliance, in particular when it comes to the relevance, accuracy and timeliness of data …
Martha Bennett, 11 Jan 2012

Guess who's still doing OK in PCs? Fujitsu, though it has troubles too

Japanese IT conglomerate Fujitsu has turned in its financial report for the second quarter of fiscal 2012: and the results were mixed, as has been the case for most IT suppliers wrestling with an uncertain global economy. For the quarter ended in September, Fujitsu had total revenues of ¥1,114bn, up seven-tenths of a per cent …
The Register breaking news

How not to steer a business

Broadcast The mainstream media generally portrays the financial services industry as being in a total mess, with customers failing to be served and management often apparently serving themselves. Against this background, a recent Reg Reader study looking at the way information is captured and used in the financial services sector provides …
Martha Bennett, 09 Jan 2012
cloud

And so we begin the tech sector's journey into the Heart of Darkness

Comment Does anyone else remember when technology companies were propping up this economy? Yeah, that's right. Oil prices were surging. Housing prices were plummeting. But there was the resilient technology sector, making us think things might be okay. No companies missing earnings. No layoffs. Hope at the end of the fab. Um, well, I …
Ashlee Vance, 15 Jul 2008

Finance CIOs sweat as regulators prepare to probe aging mainframes

Could the watchful eyes of regulators soon come to rest on the old and often creaking IT systems that run the back offices of the UK’s leading banks? Among CIOs in the sector, there’s a palpable concern that they will. It’s no secret, after all, that most retail banks rely on decades-old technology for their core banking systems …
The Register breaking news

Equinix opens 3rd data centre in Sydney

Data centre specialist Equinix has invested $65 million in its third Sydney based data centre, SY3. The SY3 provides 1,000 cabinet equivalents of capacity, which will be expanded to 3,000 in its next phase of development. Looking towards future growth the company said that its key priorities in the Asia Pacific are now …
Fujitsu K Supercomputer

Fujitsu: We'll go on the 'offensive' in fight for IT dollars

Japanese tech conglomerate Fujitsu had exactly as bad a first quarter of fiscal 2012 as it expected when it warned investors back in April. The company says it will be more aggressive in its pursuit of growth now that its home country is on the mend after of last year's earthquake and tsunami – and despite the uncertainties in …
workman in high vis jacket bent over, super-imposed on cloud background

The reseller lining in the SME security cloud

On paper, the cloud is a wonderful thing for small businesses. It gives even the smallest of firms access to enterprise-level software, reduces capital expenditure, and is increasingly seen as being a good move for security, too. This is a turnaround in recent months, says Ben Gower, MD at Perspicuity, a UK SaaS (software-as-a- …
Lucy Sherriff, 21 Jun 2012
Streetfighter 2: The World Warrior

APAC CIOs told to take the gloves off

Asia Pacific CIOs had better brush up their combat skills because they’ll need to “hyper compete” in 2013 if they want to attract the best staff and innovate their way to success, according to analyst IDC. Speaking at the Asia Pacific Summit 2012, IDC group vice president Sandra Ng argued that the region is the most competitive …
Phil Muncaster, 16 Aug 2012
The Register breaking news

UK net economy report crosses silly line

A new report commissioned by Google, and timed to coincide with the first ever Parliamentary debate on the company today, puts itself and the internet at the heart of the British economy. But it does so by using some creative and interesting definitions. According to Boston Consulting Group, the internet sector in the UK is …
Andrew Orlowski, 28 Oct 2010
The Register breaking news

ICO slates local authorities on data protection compliance

The Information Commissioner has called for the commencement of the custodial element of the section 55 offences and expressly criticised data protection compliance by local authorities as being “very bad”. He also criticised data controllers, especially in banks and financial services, as being uncooperative in relation to …
The Register breaking news

China Tel gets busy Down Under

The world's largest fixed carrier, China Telecom, has quietly opened shop in Australia. The Australian branch of China Telecom formally launched operations in Sydney in mid-June. The strategic regional expansion to Australia follows an aggressive extension of reach via new points of presence in Thailand, Indonesia, Singapore, …
The Register breaking news

Can we 'green up' the hunger for data centre electricity?

Interview My starting position on the subject of "green" IT is one of extreme skepticism. I've been around this industry since the 1980s, and in that time I've heard every argument the IT business has put forward to explain its environmental friendliness, whether it’s smart grids, or reduced resource consumption by cutting down on paper, …
The Register breaking news

UBS tells IT contractors: Take a 10% pay cut ... or 100%

UK contract IT staff at Swiss bank UBS have been given the choice of taking a 10 per cent pay cut or receiving four weeks' notice. UBS informed outsourced workers that due to the current economic climate, it had decided to reduce rates and those who did not want to accept the new rates would be let go, with some given less than …

Arista juices switch with x86 server, FPGA, atomic clock

Upstart switch-maker Arista Networks, founded by serial entrepreneur Andy Bechtolsheim, is at it again, mashing up new kinds of iron to tackle problems in the data center. This time, Arista is bundling an atomic clock, a baby x86 server, flash memory, and field programmable gate arrays into its Ethernet switches to create what …
The Register breaking news

Shoreditch's sparkle smokescreen leaves BBC journo 'tech-struck'

Analysis “I haven’t felt so good having spoken to a businessman for ten minutes in about 25 years. That’s not normally how I feel! So thanks very much!” And thanks to you, BBC presenter Fi Glover, for sharing the feel-good factor with us. Glover was bringing the miracle of Shoreditch’s internet companies into the nation’s living rooms as …
Andrew Orlowski, 18 May 2012
The Register breaking news

Thousands more City workers to lose jobs, says CBI

The Confederation of British Industry (CBI) warned today that thousands of City jobs in the UK are set to be lost over the next three months. Tumbling profitability, a slowdown in business negotiations in Blighty’s struggling financial services sector and a major dip in confidence about the current turbulent market conditions …
Kelly Fiveash, 29 Sep 2008
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Oracle assures financiers they're not that important after all

Oracle comforted distraught investment bankers yesterday by delivering better-than-expected first quarter profits and pointing out it really doesn’t do that much business in the financial services sector. The database giant turned in revenues up 18 per cent to $5.3bn for the quarter ending August 31, producing a net profit of $1 …
Joe Fay, 19 Sep 2008
The Register breaking news

Queen's speech targets bankers, unemployed, and immigrants

The government put overhauling the financial sector and underpinning the British economy at the top of the agenda in the Queen's speech today. As expected, legislation to support the development of the government's massive comms database was iced - not that this will affect the state's development of the technology. The Queen …
Joe Fay, 03 Dec 2008
thumbs up teaser 75

Revenues and profits up at Norkom

Dublin-based Norkom has posted a 53 per cent jump in revenue thanks to strong sales in the US and Asian markets. The financial software developer saw its revenues jump to €17.6m for the six months ended 30 September, with EBITDA (earnings before interest, tax, depreciation and amortisation) increasing 50 per cent to €3.1m for …
Deirdre McArdle, 14 Nov 2007
The Register breaking news

UK.gov loves computer contractors (true)

The government has surpassed the private sector to become the country’s largest employer of freelance IT specialists. Over one in four IT contractors in the UK now work in the public sector, according a report by contractor services firm Giant Group. Since 2003, the government has expanded its lead in freelance IT hires over …
Startups.co.uk, 20 Jan 2006
The Register breaking news

Reg readers say ‘don’t panic’ about the economy

Reg Tech Panel Few would now dispute the reality of the global ‘credit crunch’ and the economic downturn this has triggered, which has already hit in most major economies, and according to many pundits is set to continue through 2009 and beyond. But what do Reg Readers make of it all? This is a question we investigated during our recent ‘ …
Dale Vile, 23 Dec 2008
fingers pointing at man

HP revs NonStop blades with Tukwila Itaniums

Hewlett-Packard is moving its NonStop fault tolerant database and operating system up to the latest "Tukwila" Itanium 9300 technology from chip partner Intel. The quad-core Itanium 9300s were launched by Intel back in February 2010, and HP revamped its Integrity blade servers to make use of these chips and to allow for them to …
For Sale sign detail

'Steady progress' at Computacenter

Computacenter has recovered a little bounce in its step, reporting a "period of steady progress" for the first half of 2006. In a trading update today, the company said UK Technology Solutions experienced strong growth, while Managed and Support Services achieved modest growth. Better margins in UK product sales "more than …
Team Register, 12 Jul 2006
Xerox

Xerox boss says credit crisis could crunch IT budgets

Xerox has become the latest established IT company to join a chorus of complaints about how the credit crisis has begun to rock spending in the tech sector. In an interview with the Financial Times today Xerox boss Anne Mulcahy, who has been working on turning fortunes around at the firm since taking charge in 2001, echoed the …
Kelly Fiveash, 07 Jan 2008
The Register breaking news

Suffolk becomes 'face of government IT'

John Suffolk, currently the head of Criminal Justice IT, is to take over as the government's chief information officer. His appointment was announced by Cabinet Office minister Jim Murphy. Suffolk will lead the work of the CIO Council in implementing the Transformational Government strategy and head up the e-Government Unit. A …
Kablenet, 26 Apr 2006
Samuel Palmisano

IBM misses memo on economic slowdown during Q2

IBM has yet again shrugged off the global economic slowdown with second quarter profits leaping 22 per cent and revenues rising. Although improvements were reported across most operations, IBM's bread-and-butter services division was the star of the show. "I've got to say that this is one of the best quarters I've ever seen," …
Austin Modine, 18 Jul 2008

IBM: Treasure Island Revisited

Comment If ever there was proof that the financial community does not understand the basics of a legacy IT company, the euphoria over yesterday's IBM results preview said it all. News of IBM's profit sent the technology sector up,which in turn drove up the broader markets, confusing many IT observers. IBM a stellar performer - I don't …
Cormac O'Reilly, 16 Jan 2008
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CapGemini waves $1.25bn at Kanbay

Services firm CapGemini has made a $1.25bn bid for Kanbay, the US-based IT consultants, in a bid to expand its footprint into the US and Indian markets. The offer of $29 per share, represents a 16 per cent premium on Kanbay's closing price, yesterday. The firm said the deal was part of its growth strategy, and that once bedded …
Lucy Sherriff, 26 Oct 2006

Business optimism and investment jitters

US publication Optimise Magazine recently produce some interesting conclusions concerning the correlation between business outlook and technology investment for 2004, writes Bloor Research analyst Bob McDowall. The magazine's analysis is based on a survey of business/technology executives from the financial services sector in an …
IT-Analysis, 17 Mar 2004
The Register breaking news

Billionaire's betting exchange backs Android

Irish billionaire and betting man, Dermot Desmond, is looking to Google's Android to boost the fortunes of his core business, Betdaq, not least because it's impossible getting a gambling app in the iStore. Betdaq is expecting mobile betting to fuel its expansion and reckons that though the iPhone has been useful to mobile take- …
Robert Blincoe, 30 Jun 2010
The Register breaking news

How the fate of the US economy rests on a Dell workstation

The global economy is teetering on the brink of disaster. So, you might think the quants and smart-alecs of the financial industry would have a giant supercomputer humming away somewhere, processing zillions of what-if scenarios per second and sucking in all manner of real-time economic data from the global markets and …