Budgeting for 2003

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Deutsche Bank, Merrill Lynch and State Street outline how next year's budget will be spent. For starters, it will be spent cautiously.

Ask Mitchel Lenson, CIO of Deutsche Bank, what he thinks is the easiest thing to do and he'll tell you it's slashing costs. But then Lenson, who is based in London, will tell you to look at British Rail and Britain's National Health Service, two organizations that critics say have fallen into a dangerous state of disrepair after suffering years of under-investment

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