Firms Slash IT Budgets to Survive
TTW 2002 REVIEW
2.
Trading firms cut back on IT spending in 2002 as the battle for profits got tougher in a down economy. Hopes for a recovery were put off to next year or beyond. Layoffs at major firms became standard operating procedures and intensified as the year progressed.Staff cuts, budget freezes, outsourcing and consolidations all took their toll, confirming the expectations of research reports released early in the year (TTW, Jan. 21). For those in IT who remained, the spending freezes shrunk their
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