The big spenders learn to budget

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The days of promiscuous big spending on IT may be over for investment banks. However, because the splurge was often ill-directed and uncoordinated there’s still a lot to be done – and spent – to patch up old mistakes, deal with major developments such as T+1 clearance and upgrade neglected back-office systems. Worryingly, most banks still seem unwilling to cooperate with rivals on pooled systems and the development of common standards.