Wipro banking on small US finance companies

BENGALURU: WiproNSE -0.52 % is adding more small banks as clients in the United States, where large lenders and financial institutions are reducing technology spending due to economic uncertainty, helping the Indian IT firm gain market share, CEO Abidali Neemuchwala told ET. In the quarter to September, Wipro saw its largest client, a bank, cut discretionary spending on technology projects due to lower interest rates and is unlikely to revive it till next year.

“There are some macro trends which will always impact the sector. There is always a micro inside a macro. If you look at our consumer business, it did very well. Sometimes, we over-emphasise on the macro,” Neemuchwala said. “Large banks may be impacted, but if you go to smaller banks, you might win three-four deals”.