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PAUSE IN FINANCIAL SERVICES IT HIRING IS RIGHT-SIZING RATHER THAN DOWNSIZING

PAUSE IN FINANCIAL SERVICES IT HIRING IS RIGHT-SIZING RATHER THAN DOWNSIZING

While the pause button may have been pressed on hiring within the financial services IT sector, this should be seen as a right- sizing rather than a downsizing of the market. Thats according to the latest Financial Services IT hiring index from specialist recruiter McGregor Boyall which tracks the number of vacancies received from a constant range of sixteen financial markets organisations. The index showed that new vacancies were running at 31% of their peak earlier in the year and contract at 50%.

While the first half of 2010 showed a sharp increase in opportunities we have now seen organisations hitting the pause button, said Managing Director, Laurie Boyall. This right sizing is not unexpected given that for the first two quarters of the year we had seen an overall jump of 255% in permanent vacancy numbers compared with the beginning of 2010. Additionally many of the new contract vacancies were for long term projects which are obviously still ongoing.

Additionally, we have to remember that 2010 was, at best, lacklustre for investment banks in comparison to 2009, a phenomenal recovery year. And while this downturn was obvious within the pure investment banks, it was masked somewhat in those that have very large retail banking operations which have seen dramatic falls in their provisions for bad debt an accounting adjustment not an increase in real operating revenue.

The most in demand skills for the latter half of 2010 has been for Developers (35% of vacancies) and Business Analysts (15%) of vacancies. The top three most active hirers from a product area perspective have been Derivatives (12%) Risk (11%) and Infrastructure (10%).

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