Numb3rs: Financial Services Spend on IT
SOURCE: Business Week
DATE: March 10th, 2010
As per Celent, Financial services companies spend in 2009:
$350 billion globally on IT
$120 billion in North America.
50% spend on : software, internal head count, and external services.
70% of this spending has gone to keep the lights on and other routine maintenance expenses.
The investment required to replace and modernize applications that are well past their sunset date is estimated to be between $250 billion and $300 billion
http://www.businessweek.com/globalbiz/content/mar2010/gb2010039_433787.htm
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