317 karma · joined September 28, 2017
To eager business leads saying that a software or service is too expensive and we should build it internally instead...
Edit: typo
Having worked in Middle Office before being promoted to the Front, he had a really good knowledge of how operations and risk management worked in the bank (plus some still working write accesses to specific systems) which allowed him to mask his very large positions with fake opposite trades that he was putting in every day before the nightly risk snapshot and cancelling before they could be confirmed.
The guy basically did not take any holidays in two years - otherwise his large positions would have appeared on Risk radar pretty quickly...
If you are into those stories and want much more details than my poor summary I really recommend reading the SocGen post-mortem investigation.
Disclaimer: I worked at Société Générale during the Kerviel era - also there is a lot of controversy in France about how much the bank knew and let things happen (Kerviel was making a lot of profits - until he wasn’t) and if that was used to cover subprime related loss - this post does not represent an opinion on this case!
Web: pros -> portable, “lightweight” client dependencies (browser), mobile / tablets, good separation of backend and front-end logic, ... cons -> less productive (generally), require more infrastructure and Ops, harder to fit LOB-apps workflows and information density requirements, many choices to choose from, fast changing, ...
But this is becoming a relatively false dichotomie with web-based desktop apps (electron based or specialized like OpenFin in the banking world).