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Here are the average annual IT investments from several of the largest European banks:

  • BNP Paribas — $7.1 billion
  • HSBC — $6.0 billion
  • Societe Generale — $4.7 billion
  • Deutsche Bank — $4.5 billion
  • UBS — $3.5 billion
  • Barclays — $3.5 billion
  • RBS — $2.9 billion
  • Credit Suisse — $2.9 billion
  • Commerzbank — $1.4 billion

These figures include the costs of the banks’ own IT departments and the money used to purchase third-party products. The top four collectively overtake Google’s (Alphabet Inc.) investment figure of $21.4 billion.

The digitalization trend is currently a popular topic in mass media. For example, Deutsche Bank recently conducted an internal restructuring, which resulted in 975 people losing their jobs as traders and bankers. At the same time, half of the bank’s employees are working in IT roles. Take Britain’s TSB Bank as well, which partnered with IBM Services to deploy cloud technology and transform the former into a truly digital business. …

About

Denis Elianovsky

CDO at Russian TOP-50 IT Supplier for Banks denis@opium.pro

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