IT jobs down 18 percent in investment banks

by Editor 5/1/2008 4:30:00 PM

The number of new IT jobs in investment banks in the last quarter of 2007 dropped 18 percent in the wake of the cost-cutting in information technology spending that had resulted from the credit crunch and subsequent recession worries.

ReThink Recruitment conducted a research that shows that the overall number of fourth quarter IT jobs fell from 16,185 in 2006 to 13,351 in 2007.

Only 37 percent of the IT jobs in the finance sector were opened in investment banks. For comparison, in 2006, investment banks accounted for 61 percent of the IT jobs.

IT skills are nevertheless still in high demand in the finance sector. Retail banks opened more than 50 percent more new IT jobs – the number of jobs jumped from 12 to 26 percent since 2006 – in the last quarter and the overall number of new IT jobs in the sector rose 36 percent in the last quarter of 2007 when compared to the same period in 2006.

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