Spending on banking and securities IT is expected to top £304 billion this year, according to IT consultancy firm Gartner.
This would represent a 14% rise from 2010. Gartner further estimates the banking industry’s IT spend to rise by a fifth again before 2017, reaching £364 billion.
Jeffrey Wallis, managing partner at SunGard, identifies the increased spending as part of a long term renovation for the banking industry. He said that if banks were on a path from zero to 100 to retool for the impact of technology, they are still only in the twenties.
The trend is good news for those interested in IT graduate jobs in banking. Goldman Sachs has added 6% more IT staff since 2009, despite downsizing elsewhere. It now has 8,000 technology employees, making its department bigger than many technology firms.
Read more about IT careers in banking.