The Financial Times is reporting that Charles Schwab Europe has cut IT spending in response to a sharp downturn in share dealing by private investors.
Bob Duste, Schwab Europe chief executive told the paper that the UK broker has delayed several information technology projects until next year. "It (dealing) has been slow over the past few months, so we have deferred some projects until next year," he is quoted as saying.
He confirmed to the FT that plans for a fund supermarket - selling unit trusts online - would go ahead, as would share dealing via Wap phones and interactive television.