As the economy forces Wall Street to slash its budgets, discretionary expenses such as marketing are the first to go. The idea is to leave some money to pay down debts, keep the lights on and maintain technology and systems in operation. In addition, some banks have adopted other saving techniques, such as taking possession of a $50 million private jet a la Citi or, more recently, electing to go through with a high-roller corporate retreat in Las Vegas, as Wells Fargo intended to do earlier this week.

These formerly successful financial institutions defended their actions by saying that to not go through with the planned deals would cost them dearly in penalties and cancellation fees.

I say -- deal with it. Trust in these once behemoth money-makers has dwindled. In a time when banks should be rebuilding their brands and reputations, they go on making silly errors because they might save a couple of million dollars. If you’re not spending on marketing, it’s OK to eat the penalty fees. Think of it as paying to restore your image as a sound financial institution that can make smart money decisions.

Although both Citi and Wells Fargo have shifted their positions on the planned luxury expenses that caught them a lot of flak in the press, the damage has been done. Maybe now we’ll see more news about banks upgrading their technology platforms to remain competitive. I just hope IT execs don’t need to go on a lavish retreat to brain storm.

-- Oksana Poltavets, Dealing with Technology