New York | Trades handled by the world’s largest bank in the globe’s biggest market traversed Manhattan on a USB stick on Thursday (Friday AEDT).
Industrial & Commercial Bank of China’s US unit had been hit by a cyberattack, rendering it unable to clear swaths of US Treasury trades after entities responsible for settling the transactions swiftly disconnected from the stricken systems. That forced ICBC to send the required settlement details to those parties by a messenger carrying a thumb drive as the state-owned lender raced to limit the damage.
