After ICBC FS was hacked, it was forced to unplug from the U.S. Treasury market and begin to clear trades manually.
Photo: Alexander Cohn/The Wall Street JournalIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street.
It got more than it bargained for.
The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry.
It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world.
Persons:
Alexander Cohn
Organizations:
ICBC FS, U.S . Treasury, Street, Commercial Bank of China
Locations:
New York