Raiffeisen is facing a potential write-off of 500 million due to failed IT projects, including the costly replacement of the Finfox investment solution and a new e-banking system, each exceeding 100 million without delivering results. Despite promises of an agile transformation, the bank has fallen behind competitors, with CEO Heinz Huber involved in the decision-making process. A review in summer 2024 revealed the need for adjustments in project durations and scopes.
Rolf Olmesdahl, a prominent IT expert in banking, recently returned to UBS to lead the integration of Credit Suisse following its historic takeover. However, reports suggest he is no longer in his position, raising questions about the timing as UBS begins migrating CS data, with significant milestones ahead in 2025.
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