Citibank Halts Global Outsourcing Deal
OUTSIDE THE REGION
Citibank just put the lid on a global trading systems outsourcing plan, code-named Synergy, that had IBM and Electronic Data Systems (EDS) on the short list of providers. Citibank's reversal was prompted by its discovery that its five-year savings projections would be far short of what it originally planned.
The decision was made by Robert McCormack, director of Citibank's global relationship banking (GRB), and Mary Cirillo, GRB's managing director of operations and technology, and a senior vice
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