High hopes, high costs for Wall Street's high technology. (securities industry information technology)
Economist (US), The, February, 1991
NO INDUSTRY has fallen over itself to throw as much money at something it needs so much yet understands so little. America's securities firms will spend $7.5 billion this year on technology-a fifth of their total outlays, and four times the $1.8 billion they made in profit in 1989. Spending that money well is the main challenge facing the men who run Wall Street's biggest firms, which account for 80% of the industry's spending on technology.
Get it right, as Morgan Stanley has done so far, and a firm wins big. Not doing it, as Goldman Sachs found out, can cost dear: Goldman lacked the technology to run a business in Japanese warrants, and missed out on that market's gravy years. Get it wrong, as First Boston did, and the consequences are dire. And getting...
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