IT contractors working in financial services have had their pay increased by 11% despite the sector experiencing a downturn.
According to research by SkillsMarket and the Association of Technology Staffing Companies (ATSCo) hourly rates have increased from £45 to £50.
"The post-9/11 downturn saw IT jobs cut across all areas in the City, but we are a long way from being in that position now. Strong demand for IT skills in areas such as equities and commodities trading in investment banks is helping to pick up some of the slack on the credit side," said, Ann Swain, CEO at ATSCo.
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She said retail banks are continuing to spend on e-banking and web security at a healthy rate. She said that the insurance sector is investing in IT skills to help it comply with regulations such as Solvency II and IFRS Phase II.
She said the economic uncertainty could be good for contract IT workers. "Banks may look to mitigate employment costs by putting a freeze on permanent hires, which often creates more opportunities for contract workers."