| Summary: | In investment firms' haste to innovate, many invested poorly in technology. Although Wall Street leaders recognize the importance of technology, they do not fully understand it. Over time, however, people who are knowledgeable about both technology and the securities business will become senior enough to be appointed to the governing management committees of the big firms. Two trends will accelerate this process: The quality and status of technology people in Wall Street firms have improved significantly in the past five years, and the technology itself has become more accessible.
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