It is a widely held truism that the global financial services industry is well-served when it comes to IT budgets. But this year the IT function, as with many other areas of the business, cannot hope to escape unscathed from the dramatic budgetary constraints that have followed in the wake of the global financial crisis.
Indeed, The Banker's own research, as outlined in its IT Investment Intention Survey 2009 (published in May), has shown that a significant proportion of global financial services IT budgets have been cut dramatically - sometimes by as much as 40%.