After the Bloodletting

BEFORE THE SPIN

- WatersTechnology Staff
- 19 May 2003

Securities firms are cutting their IT staffs and budgets too deeply, if anecdotes and the latest research from Celent Communications and TowerGroup are to be believed (see related story, this issue). The slashing and burning appears to have no end in sight.

I maintain that this is a textbook case of where a herd mentality can lead an industry off the cliff. As TowerGroup’s Rob Hegarty points out, "No firm ever cut its way to the top …." Considering his achievements, Hegarty should know. Sadly, it

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