The number of newIT jobs created by investment banksin
the last quarter of 2007 fell 18% as institutions reined in IT
spending in response to the global credit crisis.
Over a year, the fourth quarter job total fell from 16,185 in
2006 to 13,351 in 2007, research from ReThink Recruitment
shows.
Investment banks accounted for just 37% of all IT jobs being
advertised in the finance sector at the end of 2007, compared with
61% in 2006, said ReThink.
Meanwhile, retail banks more than doubled their share of IT jobs
advertised in the finance sector, from 12% to 26%, and hedge funds
are now creating more new IT jobs than conventional fund
managers.
ReThink Recruitment says that despite the woes in the investment
banking sector, there is still strong demand for IT skills in other
areas of the financial services industry.
It said other organisations increasingly view IT as key to
stealing a lead on competitors and they continue to put in place
new systems in response to compliance and regulatory issues.
This is underlined by the fact that 36% more IT jobs overall
were advertised in financial services in the final quarter of 2007
when compared with the previous year.