At the outset of current recession, the financial institutions, which were among the first to suffer during the credit crisis in July 2007, were commonly referred to as the canaries in the coal mine. If they were the canaries, then the solutions providers to the financial industry—those selling goods and services, like technology or consulting—can be thought of as the coal miners. Toiling away in sometimes unsavory environments while hoping for a rich stream of business, these vital but often anonymous players have noticed a funny smell of late, only to turn around to see more than a few of their compatriots falling to the ground. For example, according to a recent report by analyst group Celent, investment banking spend on IT will drop this year by a very substantial $6 billion over 2008. Bloomberg reported at the start of the year that Microsoft and Cisco alone could lose $4 billion in orders from the financial industry in 2009.
Recession-Themed Communications Tips For the Secondary Financial Services Industry
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