People with the right technical and business skills who have
lost their jobs due to the turmoil in the City this week, should
face little difficulty finding a new job.
Recruitment agencies have received a flurry of CVs from City IT
staff in the wake of the crisis at
Lehman Brothers and declining confidence in the City.
Simon Walker managing director of Project Partners, a
recruitment firm specialising in providing technology staff for
financial services, said the company has seen a 300% rise on the
number of CVs it normally receives.
"You will not be out of a job if you have the technical skills
that enable financial services companies to gain a competitive
edge," he said.
Anyone dealing in product lines that require technology
modelling using C#, C++ or object oriented design will be in
demand, he said.
Demand for IT staff with experience of mergers and acquisitions
or demergers in the
financial services sector has also grown in recent months, as
firms restructure in the downturn.
"We are starting to see demand for system architects who
understand large integration projects, along with people who can
manage change."
However, he warned that people without these skills may face
difficulties securing employment in other investment firms.
Tommy Bright, principal consultant specialising in financial
services technology at recruitment company Madison Black, advised
affected IT staff without the in-demand skills to consider looking
for alternative city IT careers, given the turmoil in the
investment banking sector.
"It may be appropriate to change your career plans slightly and
move out of investment banking to asset management consultancies or
even the hedge fund business."
Cathy Holley, partner at
Boyden UK, a company that specialises in global executive
search and interim management, recommended that people should think
about moving out of financial services altogether. "It may be time
to look at another sector."
People looking at moving out of investment banking IT should
consider the skills they have that are transferrable, and those
that are appropriate only to investment banking. For instance, she
said, "Retailers are not interested in the equity market so you
need to align your CV with the job application."