IT jobs at investment banks down 18% as credit crunch bites


IT jobs at investment banks down 18% as credit crunch bites

Antony Savvas

The number of new IT jobs created by investment banks in 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.

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