Siobhan Chapman of ComputerWorld reports on IT investment at what was formerly the world's fourth largest investment bank, Lehman Brothers. In the quarter ending 31 August 2008, Lehman spent $308million on technology and communications (compared to $282million in the same quarter of 2007). Lehmans was also involved in a number of high-profile IT projects such as Project Baikal in conjunction with LSE to provide dark liquidity pools which was due for completion Q1 2009.
Katy Ring, principal at analysts The Bathwick Group, is reported to have made the following observations on the impact of the credit crisis. "In the IT services sector the short to medium term impact is likely to be seen in a flight to providers with scale and automation that can migrate clients to standardised platforms to enable them to operate at lower cost."
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