Investment banks account for more than a third of new IT job
vacancies in the financial services sector
despite major cutbacks.
However, the number of new IT job vacancies in investment
banking has fallen by 39%. This compares to a 47% reduction in the
financial services sector as a whole.
There were 7,200 IT job vacancies created by investment banks in
2007, compared to 11,800 the year before, according to ReThink
Recruitment.
The investment banking industry is experiencing thousands of job
cuts as mergers are completed and companies prepare for a slowdown
in business.
As many as 300,000 people could have lost their jobs in the
financial services sector globally by the end of 2009, with as
many as 25% drawn from IT professionals, according to Bob McDowall,
analyst at TowerGroup.
Michael Bennett, director at ReThink Recruitment, said many of
the IT skills in investment banks are so highly specialised that
you cannot just shift staff from one job to another when a gap
arises.
ReThink Recruitment said investment banks are being forced to
recruit IT staff to address flaws in their systems exposed by the
financial crisis. Firms are facing a major overhaul of risk
management, credit control and compliance functions, all of which
will need a substantial investment in IT systems.