Report: Cisco, Microsoft to see financial market shrink by $4.3 billion

Bloomberg is reporting that Microsoft and Cisco could lose $4.3 billion in orders next year as

financial companies cut spending due to the effects of the credit crunch. The news service cites Larry Tabb, founder of Tabb Group, which tracks securities firm budgets, as saying finance firms will lop 20% off IT spending in 2009 to $17.6 billion. Bloomberg also cites Cisco director and Stanford President John Hennessy as saying: “You’re absolutely going to see a slowdown in some of that spending … It’s inevitable, given what’s happened.”

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