Commerzbank Spends to Build New Platform, Floor
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FRANKFURT--Commerzbank will be spending 15 percent more on IT in 2001, says Michael Paravicini, chief information officer and head of operations globally. In fact, he says IT was the only department spared from this year's budget cuts.
About 25 percent of the IT budget is currently spent on maintenance versus development, a ratio that he calls "very acceptable." Priorities include e-commerce (which is handled by Commerznet Business, a separate unit similar to Labmorgan), Euro2002, T+1, a new
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