To determine the annual spend on technology and IT services by global investment banks (GIBs).
Global investment banks (GIBs) spend $72 billion annually on technology and IT services to protect their revenue from the threat posed by fintech companies, as well as stay competitive with their peers, according to a recent report by Moody's.
According to the report, US-based GIBs spend more on digital infrastructure than their European counterparts. On average, GIBs invested about 18.3% of their total operating expenses on technology between 2017 and 2019.
Globally, banks spent a total of $387 billion on technology and IT services in 2019. Bank spending on technology is expected to expand at a CAGR of 7.8% between 2019 and 2022, fostered by increased software investments.
In comparison, banks in the United States spent a total of $67 billion on technology and IT services in 2019.
The global banking industry generated a total of $1.3 trillion in after-tax profit in 2018.
The world's top three investment banks include J.P. Morgan, with $7.2 billion in revenue; Goldman Sacks, with $6.8 billion in revenue; and Morgan Stanley, with $6.2 billion in revenue.
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