US banks’ tech spend outlook: No sharp cuts expected, but increasing focus on insourcing can be a near-term negative
Key takeaways from recent quarterly results of large US banks: 1) Technology spend growth rate has slowed down vs the previous quarter for Bank of America, Goldman Sachs and Morgan Stanley. However, full-year tech spend outlook remains intact for Bank of America and J.P. Morgan (7% YoY in CY23 vs 14.4% YoY in CY22).