Surge in demand for financial services IT contractors

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Surge in demand for financial services IT contractors

Posted Jul 16, 2010

Contract offers in the financial sector jumped by over 300% from May to June, suggesting that investment banks may be preparing for a significant upturn.

The research, carried out by Powerchex, showed mixed results for general financial sector recruitment, but showed excellent growth in both investment banking and the demand for IT contractors.

The pre-employment screening firm predicts another jump in banking recruitment this quarter, and sees the 320% increase in contract offers from May to June as a positive sign that confidence is returning.

Election certainty adds to confidence

Alexandra Kelly, MD of Powerchex, said that fears of a double-dip recession were starting to fade.

"Recruitment in the financial sector has generally flattened in the last quarter, but IT contractor hiring shows signs of another round of optimism in investment banking this summer.

"The financial industry was preserving liquidity and waiting to see what changes would occur as a result of the general election and possibly tighter regulations in the new budget. But the surge in IT contractors shows the sector has released the build-up that had been waiting on the back burner until government news was certain. This trend echoes the new, national employment figures that show the recovery is getting back on track".

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