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.