Breaking out of the cells: banks’ long goodbye to spreadsheets

Lenders are cutting back on Excel amid tighter regulation and risk concerns

Credit: FX Markets montage

In February 2023, an employee of Norway’s sovereign wealth fund accidently keyed in “December 1” instead of “November 1” while working on an Excel file. This triggered a miscalculation of the composition of the index against which the fund was being measured. The mistake would end up costing the Norwegian state Nkr980 million ($92 million).

When the European Spreadsheet Risk Interest Group (Eusprig) meets in London in July for its 20th annual conference, errors like these will be top of mind. The

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