Professional disgrace is a not a new coinage in the realm of worldwide corporate culture but at every time it does lead to bitter consequences and thanks to this, it can certainly be said that the same development brings along with it lots of evils. What is more, it expresses the age-old aphorism – “It is only the wearer knows where the shoe pinches” in a new manner.

Well, you are at liberty to become skeptical of the aforesaid words but the present situation of HSBC is just the same. The HSBC banking network was subjected to an outage in the UK on Friday caused by problems with one of the company\'s mainframe computers. On the word of an HSBC spokesperson, the bank\'s network of ATMs crashed at around 11.45am, and was back up and running by 3.30pm,.

This is certainly not all and aside from bank machines, HSBC\'s point-of-sale card network was down, while internet banking also suffered intermittent outages. What has been the formal reaction of world\'s largest banking group then?

"We\'d like to apologise to all of our customers, and we are looking at the reason for the outage," said the bank\'s spokesperson. "The outage was linked to the mainframe, but in terms of specific issues, we are still looking into that." Is this the result of the bank’s endeavor regarding the process of upgrading its IT systems? Even though this rumour is also in the air, many people, considering the bank’s global status, are not ready to have faith in this yet.

Whatever may be the accusations and the desperate attempt of HSBC to hide out its own colossal failures, there is hardly any doubt that the world’s largest banking group and the world\'s 6th largest company (as per recent studies) has bitten the dust.