Disclosed Year 2000 Cost Estimates
The 16 companies surveyed below are allocating an average of $269,625,000 each and approximately $2,624 per employee towards the remediation of Year 2000 exposures.
The timing for expenditure of the estimated Year 2000 budgets below is between 1998 and 2000. The actual costs may vary depending upon individual results and budget horizons.
(Source: '97 & '98 Securities and Exchange Commission Filings)
Company
Year 2000 Cost Estimates
Revenues 1997 (Millions)
Number of Employees
Citicorp
$600,000,000
$34,697
93,700
General Motors
$565,000,000
$166,445
608,000
BankAmerica
$380,000,000
$23,585
90,500
Merrill Lynch $375,000,000 $31,731 56,600
GTE
$350,000,000
$23,260
114,000
AT&T
$350,000,000
$51,319
128,000
Chase Manhattan
$300,000,000
$30,381
69,033
J.P. Morgan
$250,000,000
$17,701
16,943
Bell Atlantic
$250,000,000
$30,193
141,000
Sprint $200,000,000 $14,873 51,000
Bankers Trust
$200,000,000
$12,176
18,286
Owens Corning
$179,000,000
$4,373
24,000
NationsBank
$155,000,000
$21,734
80,360
3M Corporation
$70,000,000
$15,070
75,639
Charles Schwab
$45,000,000
$2,298
12,700
Textron
$45,000,000
$10,544
64,000
Totals
$4,314,000,000 $490,380 1,643,761
Averages
$269,625,000 $30,649
102,735
Additional Year 2000 disclosure information is available at the
Security and Exchange Commsission's website
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