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It is surprisingly difficult to find out how much banks spend each year on IT.
Banks periodically try and tell the world – especially when tech stocks boom and trade at high valuation multiples – that they too are essentially technology companies that just happen to have regulated financial businesses attached.
Goldman Sachs, for example, has 34,400 employees, of whom 9,000 are software engineers. That’s about the same as Facebook and more than the entire payroll combined of Twitter and LinkedIn.
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