Financial firms lose interest in IT contractors

Printer-friendly versionPDF version

(17 February 2011) Financial services outfits holding back on recruitment in January hit IT contractors harder than any other professional candidate looking for work in the sector, a London-based screening firm has shown. Like openings for other sector candidates, job offers to IT contractors by banks and financial institutions fell against December 2010’s level, according to Powerchex, which screens six types of financial industry worker. Despite this, the dip in the average financial job-seeker’s prospects during the New Year was actually only slight, as the total stock of new jobs fell just 2%, partly thanks to investment banks increasing full-time staff outside the IT department. By contrast, “things are not looking so rosy for IT contractors,” as the firm found those same banks and other financial employers provided 78% fewer temporary IT roles than they did in December. 

“The fact that the number of available opportunities for IT contractors fell by almost 80% in January is a worrying development in its own right,” said Powerchex’s managing director Alexandra Kelly.

Yet on an annual basis, she said that the slump appeared less severe, as then the figures show that only about a third fewer (new) IT contracts were agreed last month than in January of 2010 – when the market was “really competitive.” Still, last month’s drop-off for IT contractors owed to finance houses “delaying funding decisions” in order to let their rivals act first, or to avoid “over?committing” themselves on non?core projects; either way “not good news for IT contractors”.

Short URL
Asymptotix on Twitter

Are the key legislative pillars such as Basel II & III, UCITS IV and Solvency II forcing you to re-examine how you identify, measure and manage risk and capital?

Asymptotix work closely with our partners to help clients develop a more proactive, systematic and integrated approach to governance and risk management to deliver proper value.

Asymptotix can offer the support you need to deliver on time. Read more...

Is the goal of your website to sell services or products, educate, or collect data?

A positive customer experience is vital to conversion, no matter what your conversion goals may be. Our designers and developers will create a positive experience to maximize your conversions and deliver the optimal return on your investment. We strive to find the perfect balance between the web site’s design and functionality.

Asymptotix implements interactive solutions for European companies. From corporate websites to social communities, our clients will tell you an investment in building a scalable online experience will deliver long-term tangible benefits.

Based in Luxembourg we can help you all over Europe. Our multi-lingual team can work with projects and speak your language! Read more...