Citcorp to spend 600 million on y2k. Direct quote from the newly filed 10k:
Citicorp recognizes that the arrival of the Year 2000 poses a unique
worldwide challenge to the ability of all systems to recognize the date change
from December 31, 1999 to January 1, 2000 and, like other companies, has
assessed and is repairing its computer applications and business processes to
provide for their continued functionality. An assessment of the readiness of
external entities which it interfaces with, such as vendors, counterparties,
customers, payment systems, and others, is ongoing.
Citicorp expects that the principal costs will be those associated with
the remediation and testing of its computer applications. This effort is under
way across the corporation, and is following a process of inventory, scoping and
analysis, modification, testing and certification, and implementation. A major
portion of these costs will be met from existing resources through a
reprioritization of technology development initiatives, with the remainder
representing incremental costs.
Citicorp does not anticipate that the related overall costs will be
material to any single year. In total, Citicorp's global operations and
technology organization estimates that its costs for the remediation and testing
of computer applications will amount to approximately $600 million over the
three-year period from 1997 through 1999, of which approximately $150 million
was incurred in 1997.
Wade |
