By Anirban Sen
BENGALURU (Reuters) – Top technology services firms are offering payment deferrals, discounts of up to 20% and other sweeteners to some U.S. banks to keep their business as the pandemic forces Wall Street to cut tech budgets, according to executives involved in the talks.
Large Wall Street banks are widely expected to reduce overall budgets and discretionary tech spending, which includes areas such as technology consulting services, business analytics, research and design and process management projects.
Accenture, Tata Consultancy Services, Infosys and Cognizant Technology Solutions – among the world’s largest tech services vendors – have offered to do more for them at lower rates, three executives who have taken part in the discussions told Reuters.
The aim is to secure new contracts as well as to keep the relationships with the banks ticking over so that they can be expanded once more post-pandemic, they added.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.