TowerGroup: IB Technology Spend to Rise 10%
INFRASTRUCTURE TECHNOLOGIES
NEW YORK—In an effort to streamline transaction processes and develop an integrated, single-window banker portal, spending on investment technology at major investment banks is expected to grow up to 10 percent between 2006 and 2008, according to a report from market researcher TowerGroup.
IT spending at investment banks is expected to reach $1.53 billion in the U.S. and $1.48 billion in international markets, according to researchers.
The use of in-house technology gained in popularity during the
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