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Confidence returns for financial services IT contractors
Posted Sep 13, 2010
A contractor poll suggests that the financial sector has rebounded significantly, as banks and other institutions revive projects which were put on hold as a result of the credit crunch.
The survey, conducted by giant group, found that 30% of contractors believed that the financial services sector would create the most IT jobs over the coming year. This compares to just 9.8% expecting the public sector to be responsible for creating the majority of new roles.
Financial institutions are not only reinstating projects stalled by the credit crisis, but also upgrading their core systems to deal with the new realities and regulations of the post-crunch world.
The forthcoming Basel III rules and the Alternative Investment Fund Managers Directive, for example, will both require greater transparency and disclosure from banks and fund managers - and, therefore, more sophisticated IT systems.
The survey also suggests that IT contractors are optimistic that average rates will rise over the coming year; 63% are expecting a rate rise over the the next 12 months, compared to 58% in early 2009.
A mere 8.8% of contractors expect to be subjected to a rate cut over the next year, compared to 12.9% at a similar time last year.
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