Gartner estimates: “Spending on banking and securities IT is expected to top $471 billion this year, up 14 percent from 2010, and rise by a fifth again to hit $563 billion in 2017”
The Reuter’s article, Insight: New Masters of the Universe? Banks see future in IT hires, describes the growing trend of banks hiring more, and more, IT personnel to drive the technology side of the business. The article states "With IT expertise now a must for the boardroom, banks' conservative workplaces are likely to undergo cultural change as they welcome ambitious, differently-minded people."
Leading banks like Barclays, JP Morgan and Goldman Sachs are hiring technical personnel in greater numbers to lead their IT operations while cutting costs in other areas of the business. Goldman Sachs is an example of the increasing emphasis being placed on IT: "Goldman Sachs has added 6 percent more IT staff since 2009, while cutting elsewhere. That has left it with 8,000 technology employees, making its department bigger than many technology firms, and it works hard to lure professionals away from Silicon Valley with the message that its technology business is key."
This trend is not confined to banking industry only. The growing impact of IT on enterprises was also documented in the IBM 2012 CEO Study, Leading Through Connections , with industry leading CEO’s ranking technology as the most important factor... [Continue Reading]