Survey: Wall Street to Increase IT Spending on Transformation Initiatives

Paul Lilly

Wall Street IT professionals are gearing up to increase spending on transformational initiatives in 2010 and 2011, with most of the additional budget in IT investments for analytics going towards risk, compliance, and trading, IBM said.

"Coming out of the largest financial crisis in modern day history, there has never been a more important time for firms to capitalize on technology investments to make sense of the data and gain a more sophisticated understanding of risks," said Shanker Ramamurthy, general manager, IBM Financial Services Sector. "The road to recovery is built on infusing intelligence across operations, streamlining costs and getting back to basics so that firms once again focus on innovation and growth.

The survey pinged nearly 250 business and IT Wall Street dudes, and almost half of them said they expect 20-30 percent of their technology budgets to go towards the above mentioned areas. And of all the regulatory activities, 55 percent identified systemic risk as the largest driver of IT investments.

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