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An article relating to this blog post on Finextra:

Credit crunch to cost 20,000 City jobs

As many as 20,000 City jobs will be culled over the next two years as a result of the global credit crunch, according to a report from the centre for economics and business research (CEBR) which warns...


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Tech staff still in demand

Despite the impact of the credit crunch and the uncertain economic outlook, there is still demand for IT professionals in the financial services sector, according to specialist online recruitment firm IT Jobs in the City.

There has been a "steady demand" for tech staff within commodities, with a 50% increase in positions advertised since October 2007, says the recruiter. There has also been an increase in demand for quantitative analysts.

Furthermore, over the past three months there has been "little to no change" in demand for positions within middle office and securities. Demand for analyst developers, system support staff, web developers and IT workers with skills in Oracle and SAS has also remained steady.

"Despite the gloom within the City, we are still seeing demand for IT workers," says Adam Stokes, operations manager, IT Jobs in the City. "Providing IT support for compliance projects such as MIFID, as well support within risk management will be critical over the coming months. IT workers within the City are seen as a valuable resource, and we don’t expect that to change.”

In February the Association of Technology Staffing Companies (Atsco) reported that salaries for IT contractors working in the City had jumped to the highest level for two years as banks moved to upgrade trading and risk platforms following the credit crunch.

At the time Ann Swain, chief executive, Atsco, said although banks hit by the crunch would look to mitigate employment costs by putting a freeze on permanent hires, this actually creates more opportunities for contract workers.

Swain said demand for IT contractors would receive a further boost if the economic outlook remained shaky.

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