European and North American financial institutions have dragged down the average global growth rate in information technology expenditure, after the sub-prime crisis and economic uncertainty left many firms tightening their budgets, according to a new research report.
Celent, a Boston-based research and consultancy firm, estimated that global information technology spending by financial institutions will reach $342.1bn (â¬233.4bn) in 2007, representing an increase of 5.9% from 2006. The figure is "substantially" lower that the 8.7% growth achieved in 2006, when spending hit $322.9bn.
