Macaskill on markets: Apple and the IT spending serpent

As technology spending escalates, financiers now face a temptation to reframe costs as an investment in future growth, safe in the knowledge that it is extremely difficult to check their assertions.

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Financial industry executives know they have to seem technology savvy nowadays. Digital labs are found in most banks and insurance firm Aviva even set up a digital garage in London’s hipster enclave of Hoxton Square, although that may have been so it had somewhere to store printouts of its discarded strategy plans.

Goldman Sachs has been a leader in the field of aggressive marketing of supposed technological advantages, including promotion of its institutional client digital platform Marquee.

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