Things we're reading today include ...
Today's must read
According to Gartner, "financial services firms' IT budgets fell by 8.3% between 2008
and 2009, meaning the banks have cut their budgets more than other
industries, and saw spending fall by 6.8% year-on-year." Whose IT budget has been hit the hardest? (Silicon)
According to Celent, although "IT spending is on the decline (3.1% for 2008 versus 1.7%
for 2009), the figures are still 'in the black' as absolute spending
continues to rise." Celent Predicts an Increase in Bank IT Spending in 2010 (Bank Systems & Technology)
Who's right and who's wrong?
People
The Kroes UK’s banks have to bear (Evening Standard)
Profit `Not Satanic,’ John Varley, CEO of Barclays Says (Bloomberg)
Companies
PayPal Launches PayPal X Global Payments Platform (Payments News)
PayPal dances with developers to drive innovation (Better Banking Blog)
RBS bankers threaten exodus over bonus policy (Telegraph)
Bank of Ireland reports huge loss (BBC)
JPMorgan settlement with SEC worth over $700M (Kima TV)
Wachovia and Wells Fargo put a new spin on bank mergers (Charlotte Business Journal)
Markets
Phishers set their sights on corporate accounts (Silicon)
Take Home Pay Index Report, October 2009 (VocaLink, 12 page pdf)
Fines feared as City struggles to find skills to meet strict FSA requirements (JWG-IT plc)
Bank bail-out: every family shouldering £4,350 tax liability (Times)
Small Banks Move In as Giants Falter (New York Times)
Divisions emerge over HFT (Financial Times)
Could China's Economic Policies Trigger Another Crisis? (Time Magazine)
Quote of the Day:
"What makes me sick is the complete lack of honesty by the powers that be in RBS."
Laura, Commercial Banker (BBC)
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
