2001--The Year in Review: Banks Cut IT Spending as Economy Slackens

- WatersTechnology Staff
- 17 Dec 2001

LONDON--After years of spiralling IT spending, major investment banks put the brakes on it this year when the economic slowdown became evident. And 2002 looks to be even tighter.

Full-year reports for major investment banks revealed spending IT increases of between nine and 13 percent for 2000 (TTW, Jan. 22), though much of it could be explained away by Y2K precautions.

IT spending at US banks has been rising at a rate of 6 percent since 1995 and is expected to reach $39.5 billion in 2005, a

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