Libor Exit to Cost Global Banks $100 Million Each This Year
- Annual bill to dip below $50 million in 2022, EY survey finds
- Wells Fargo has dozen full-time Libor staff, Grabenstein says
This article is for subscribers only.
Most major global banks will spend more than $100 million each this year preparing for the end of the discredited Libor rate, according to Ernst & Young.
A majority expect bills for the transition to then dip below $50 million over 2022 and 2023, a survey by the accountancy firm found. Firms are pouring money into overhauling IT systems and payment settlements, as well as renegotiating contracts with individual counterparties, according to bank executives and their advisers.