Morgan Stanley’s CEO let it slip just how many billions the bank is spending on tech (MS)
|06/13/2018||Posted by BusinessMediaguide.Com under General World News||
- Morgan Stanley is spending billions both to bolster its existing technology infrastructure and to invest in new technologies.
- Specifically, the bank’s tech spend is about $4 billion per year, CEO James Gorman said.
- As a percentage of its overall expenses, Morgan Stanley devotes twice the amount to tech spend as Citi.
Morgan Stanley is spending around $4 billion annually to invest in technology, CEO James Gorman said on Tuesday.
That’s around 40% of the firm’s $10.3 billion expense budget excluding compensation costs in 2017. Still, it’s not clear if the figure Gorman mentioned includes compensation for tech employees. As read more >>>