Financial IT spending cuts cause vendor crisis
Reduced spending in financial services IT is causing a rush of panic in UK-listed software service companies.

Thirteen London-listed IT companies issued profit warnings in the first quarter of 2008, raising fears that the economic downturn was tightening its grip.
The consultancy Ernst & Young said that this reversed the trend from 2007, where profit warnings declined from 17 in the first quarter to nine in the fourth quarter.
Ernst & Young technology director James Bennet said that reduced IT spending by the financial services industry was to blame as firms undertook significant cost reductions due to the credit crunch.
"Technology stocks have been hard hit, with organisations selling to the financial services sector particularly feeling the pinch as many projects have been put on hold," Bennet said.
IT PRO recently reported that according to Gartner, global IT budgets would hold reasonably steady in the next year.
Get the ITPro daily newsletter
Sign up today and you will receive a free copy of our Future Focus 2025 report - the leading guidance on AI, cybersecurity and other IT challenges as per 700+ senior executives
-
Putting small language models under the microscope
ITPro Podcast The benefits of small language models are undeniable – but they're no silver bullet
By Rory Bathgate
-
CyberOne appoints Microsoft’s Tracey Pretorius to its advisory board
News The threat intelligence leader will provide strategic guidance to CyberOne’s executive team
By Daniel Todd