Spending on IT products and services to pick up in 2010 says research company Celent
Financial services institutions will cut their global IT spending by 1.3% to $353.3bn (£242bn) this year, according to a report by research company Celent.
The study, IT Spending in Financial Services: A Global Perspective, said investment in 2009 would be substantially lower than in 2008, when spending hit $358bn.
IT spending rose 4.5% worldwide last year, while growth of 6.4% was achieved in 2007.
Celent expects global spending on IT products and services to bounce back in 2010, increasing to $364.5bn.
European and North American financial firms spend an almost equal amount on IT. Institutions in Europe and North America account for 37.7% and 33.5% respectively of global IT investments by financial service institutions.
A report compiled by the CBI and PricewaterhouseCoopers on trends in financial services found the UK insurance sector would do less cost-cutting than other financial institutions (see page 15).