The IT sector is poised for a turnaround, driven by cloud, data, and AI, with banking and financial services (BFS) expected to see revenue normalization by FY26 due to increased discretionary spending from US firms. Major banks are modernizing legacy systems, with Citi retiring 450 applications and Morgan Stanley experiencing double-digit tech spending growth. However, some institutions like Wells Fargo and TD Bank prioritize regulatory compliance, with TD planning to invest $500 million annually in upgrades by CY2026 following a significant fine.
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