US financial services companies, including banks and mortgage finance companies, are learnt to be cutting back on IT spends predominantly due to increasing defaults in the sub-prime market, according to industry experts.
The outlook for the US economy has also added to worries about the ability of US companies to continue with their IT spends at current levels. Analysts have cut the GDP forecast for US for the current year, as talks were gaining ground of the possibility of the economy getting into a recession next year.
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