“The large US banks – with nearly 40% of (total) IT spend share – opined the current macro as complex, tough and raised ‘credit loss’ provision, reversing prior quarters’ trend,” brokerage house Elara Capital said in a research report. “Despite retaining calendar year 2022 expense outlook, in a proactive act, banks such as Wells Fargo, Goldman Sachs and Morgan Stanley intend a ‘spend cut’ to fend profit/brew operating resilience,” it added.
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Friday, September 9, 2022
Cost-cutting plans by large US banks may hit Indian IT
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