Re: Third Party Vendors
Daniel, you're absolutely right. It may not be obvious to those working outside Wall Street, where the impression is that Financial Services firms have a lot of money. The fact is that on Wall Street itself the onshore, hired resource market is much more expensive than most other industries. And, institutional finance, especially the Sell Side, has been going through a lot of cost cutting. It's impossible for these firms to deliver the level of technology their businesses require without significant outsourcing to low cost locations. This is indeed a big systemic risk.