2010 Will Be A Good Year For City IT Professionals

It's been a tough time for City IT professionals over the last couple of years, with several thousand being laid-off. The financial crisis and subsequent economic downturn has resulted in a number of firms putting a hold on major IT projects, and the demand for IT staff has fallen away. But all that looks likely to change in 2010.

City IT professionals, of course, are used to a boom or bust work environment. Recessions make life hard, but one off events like Big Bang and Y2K can result in IT staff being in big demand. 2010 is looking up, however, because many financial institutions are coming under pressure to upgrade their IT infrastructure to meet efficiency goals and to comply with regulatory requirements.

One IT professional told Here Is The City: 'Most firms are operating on lower headcount than 2 years ago, and the only way to deal with the expected upturn in volumes is the smart use of technology. In addition, as firms trade more and more complex products and require ever sophisticated risk management and reporting tools, many banks now have major IT projects that need to be quickly implemented'. Barclays Capital, for example, is rumoured to be hiring up to 1,000 IT staff in the first 4 months of next year.

And it is to help meet this pent-up demand for City IT staff that CareersIT has been launched. Co-founder Vic Daniels said: 'Being part of the Here Is The City network, and its 236,000 readers, will give CareersIT an advantage not enjoyed by any other recruitment business. We will be able to connect with candidates much more cost efficiently, and intend to pass these savings on to hiring institutions. We will be using the internet to build a comprehensive IT candidate database, and our own in-house recruiters will be working with some of the City's top financial institutions, interacting with registered candidates to help them find new opportunities in the traditional way. We are convinced that this exciting new initiative is the future of City IT'.

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