Drastic Cutbacks

Ask most CIOs whether they build or buy their technology and they will usually say, "A bit of both," with a heavy emphasis on the build side of the equation. Many investment firms have large in-house IT staffs for developing and maintaining key mission-critical applications. They have long seen these applications as competitive differentiators and despite long project lead times, they preferred to keep a lot of technology in-house in order to have total control over the source code.

However