Wholesale financial institution spending on strategic IT initiatives in 2002 will be essentially flat at $26.2 billion, according to a new report from Meridien Research.
The research company's annual "Top 10 IT analysis for Wholesale Financial Services," summarises and forecasts spending on strategic IT initiatives, considering industry segment and geographic region.
Bill Bradway, co-founder and research director of Meridien Research, says: "Due to a variety of factors including the global economic slowdown, the demise of many dot-com vendors and the tragic events of September 11th, many financial services institutions were forced to reexamine their IT spending initiatives across the board, leading to project resizing or cutbacks as well as the reallocation of resources. In addition, in selected cases, financial institutions are aggressively downsizing their commitment to e-commerce initiatives and focusing on strategic projects that can achieve the greatest return on investment."