State Bank NSW Halves Headcount, Quits Development Of Treasury Systems
MANAGEMENT ISSUES
State Bank of NSW has completed a series of measures designed to drastically reduce its expenditures on treasury systems. In the space of about a month, the bank halted systems development and reduced the number of staff in its treasury systems group by half. The cuts culminated in the departure three weeks ago of Tony Singleton, the group's chief (D&IS, June 19).
Following Singleton's departure, the bank has divided responsibility for treasury systems between two executives, Chris Papas and
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