Tower Report Details IT Spending at US Banks
SPECIAL REPORT
BOSTON--IT spending at US banks has risen at a rate of 6 percent since 1995 and is expected to reach $39.5 billion in 2005, a recent research note from the Tower Group indicates.
Tower analyst Michael McEvoy states that, despite the decline in the overall number of US banks, IT spending continues to rise. Large banks (with holding assets above $50 billion) are increasing spending the most, with banks' IT spending expected to account for more than 60 percent, or $31.4 billion, of overall IT
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