New York IT rebuild estimate hits $7bn
The staggering cost of rebuilding New York IT infrastructures continues to escalate, with estimates stretching from at least $3.2bn (£2.18m) to a possible $7bn-plus.
The staggering cost of rebuilding New York IT infrastructures continues to escalate, with estimates stretching from at least $3.2bn (£2.18m) to a possible $7bn-plus.
Financial services research firm TowerGroup puts a ballpark figure of $3.2bn on the cost of replacing securities firms’ technology destroyed in the World Trade Centre disaster.
Of that sum, $1.7bn will be spent on hardware; the other $1.5bn would cover software and services needed to install and connect the network, operating system and applications infrastructures, TowerGroup said.
Larry Tabb, Towergroup’s vice-president, securities and investments research, said: ‘We believe that 30,000 securities positions, trading, research and operations were destroyed in the World Trade Centre buildings.’
He also estimated another 15,000 to 20,000 positions will need to be replaced in adjacent buildings such as the World Financial Centre and the Bankers Trust building.
A partial inventory includes 16,000 trading desks at approximately $52,000 each, and 34,000 general PC workstations at a replacement cost of $5,000 each.
TowerGroup officials estimate that around 8,000 Intel-based servers and about 5,000 Unix servers were lost at an approximate replacement cost of another $370m.
It is anticipated that another $1.5bn is required to put the systems together.
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View article61% say providing financial support for their family is of importance to them, with 77% currently doing so Read More...
View articleStartups face unique financial challenges, such as cash flow volatility and equity-based compensation complexities. Innovative strategies and technolo...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleIn 2019, the a survey conducted by the FRC highlighted that only 17% of women held partner-level positions Read More...
View articleDains believes a corporate structure is the best way to maximise the benefits of its growth strategy Read More...
View articleBoth employer and employee will benefit from flexibility and cost-saving Read More...
View articleThere are nine key areas that accounting practices must get to grips with as client expectations and technological developments rise, while team membe...
View articleWhen employees publish opinion and statements on social and other online mediums, they may be leaving themselves open to interpretation of codes of et...
View article