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Investment banks fuel IT hiring surge

The IT jobs market is experiencing a hiring frenzy among investment banks despite a slowing growth rate in sector vacancies, according to HR specialist Diaz Research.

Compared to 2006, Diaz reported an increase in IT recruitment by investment banks of 50%. JP Morgan is the most active with 1,218 IT staff needed around the world. Morgan Stanley currently has 718 IT job adverts online and Citibank has 638 IT vacancies to be filled, said Diaz.

Diaz Research director Iain Smith said, "These developments are in stark contrast to the situation outside investment banking. There, the gears are changed upwards very much more slowly and those who are emerging from difficult times will typically not yet be recruiting, except perhaps for some modest recruitment of graduate trainees and some strategic positions at CIO level. Most IT functions cannot hire their way out of skill shortages so the emphasis will be on making more of what they already have."

The latest financial services IT hiring index by recruitment firm, McGregor Boyall also showed a sustained recovery of the IT job market in the financial services sector in the second quarter of 2010. The index, which tracked the number of IT vacancies received from a range of financial organisations, also showed the most in-demand skill sets continue to be dominated by developers and business analysts, forming 41% and 16% of total vacancies respectively.

Despite healthy recruitment figures for the financial sector, recruitment expert Laurie Boyall believes the IT job market is heading for a dip following the unprecedented growth in vacancies in the financial services sector.


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