LIBOR to Cost Global Banks $100 Million each

  • According to Ernst & Young, most major banks will be spending more than USD 100 million each this year preparing for the end of the LIBOR benchmark. A majority expect cost for transition to dip below USD 50 million over 2022 and 2023.
  • Several major firms have dedicated teams in place to deal wit the shift since 2018. Domestic banks are spending considerably less and are at a greater risk. Around 85% of the banks have budgeted less than USD 25 million or less in 2021