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U.S. banks to spend more on tech

U.S. banks will spend more than $34 billion on technology-related goods and services in 2002--4 percent more than they spent on similar purchases in 2001, according to a report released Monday by Boston-based consulting firm Celent Communications. Three major banks--Citigroup, J.P. Morgan Chase and Bank of America--will spend more than $3 billion each on technology in 2002, the survey reported. Wells Fargo, Bank One and Wachovia will each spend between $1 billion and $2 billion. The largest commercial banks spend as much as 25 percent of their total expenses on information technology, and some boutique banks specializing in e-commerce spend even higher percentages.

U.S. banks will spend more than $34 billion on technology-related goods and services in 2002--4 percent more than they spent on similar purchases in 2001, according to a report released Monday by Boston-based consulting firm Celent Communications.

Three major banks--Citigroup, J.P. Morgan Chase and Bank of America--will spend more than $3 billion each on technology in 2002, the survey reported. Wells Fargo, Bank One and Wachovia will each spend between $1 billion and $2 billion. The largest commercial banks spend as much as 25 percent of their total expenses on information technology, and some boutique banks specializing in e-commerce spend even higher percentages.