Tower Group Study: $362B. for Financial Services IT

The latest Tower Group Study says spending will be up to $362.B with 72% in North America and the EU.

Tower said consumer banking will dominate spending globally. The firm predicted that consumer spending will continue to represent the largest share of IT spending while wholesale banking will experience a continued recovery during the year.

As for the securities and investment industry, TowerGroup projects IT spending in the segment will grow four percent during 2005, partially driven by a return to markets by investors who were burned by declining stock markets a few years ago.