BFSI sector to see IT spend cuts up to 20%: Gartner

Companies in the banking, financial services and insurance (BFSI) sector are expected to cut their IT spends up to 20%, says Peter Redshaw, research vice president, IAS banking and investment services, Gartner. Globally, in 2007, the BFSI sector spend was $176.8 billion for external IT services, and about $7.8 billion of this, or around 4.4%, went to Indian IT companies like TCS, Infosys, Wipro, Cognizant, HCL, Genpact, Patni and Satyam. External IT services include consulting, systems integration, hardware maintenance, software support, IT outsourcing and process anagement and excludes hardware, software, telecom and internal spending. The BFSI sector continues to contribute ...

More...