Financial services companies worldwide risk losing $480bn (€420bn) from the value of their industry unless there is a concerted shift in attitudes towards IT spending, according to Mercer Oliver Wyman, the financial services strategy and risk management consulting firm.

Technology makes up 16% of the value of the financial services industry, estimated to be worth a total of around $900bn. A report published by Mercer Oliver Wyman said that unless the current practice of pouring money into maintaining legacy systems changes, $150bn of value in internal IT and $330bn in operations could migrate to the IT industry.