IT Spending in European Banks to Exceed EU44.6 bn - Report
Despite a global drop off in IT expenditure, investment in new projects will see huge sums paid out by leading global banks this year, according to a report by Celent. It noted that, in 2004, the leading European bank in terms of IT spending would be HSBC, with an estimated IT budget of EU3billion. Deutsche Bank and UBS shared second spot, each allocating EU2.6 billion to IT. ABN AMRO was fourth, with an estimated EU2.2 billion budgeted for IT, according to the report. ‘Despite a global IT spending reduction, the investment in new projects will be fairly high this year at 9.5% of the total IT budget,’ said Axel Pierron, Celent analyst and author of the report.