Investment bank IT salaries stable but job numbers falling

IT salaries are remaining stable at investment banks, in spite of a fall in jobs, according to new reports.

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IT salaries are remaining stable at investment banks, in spite of a fall in jobs, according to new reports.

Recruitment firm JM Group stated that in the first quarter of this year, programme and development managers’ salaries remained largely the same as in the previous quarter, as did those of application architects, developers, systems administrators and support staff.

It said that despite the credit crunch “we have yet to see any direct impact on salaries in the sector”. But it warned: “The next quarter may prove critical to the stability of salaries within investment banking technology.”

But the number of new IT jobs has fallen at investment banks in the last year, according to ReThink Recruitment.

ReThink said investment banks created 18 percent fewer IT jobs last year than in 2006. This led to a dramatic change where investment banks accounted for only 37 percent of IT work created in the financial sector, compared to 61 percent the year before.

Meanwhile, a report by research firm Kimsey Consulting claimed that IT spending on trading technology was set to rise, as jobs are cut. Global IT expenditure by trading firms is set to rise 4.3 percent by 2011, it said, owing to a greater reliance on technology and the increasing sophistication of software.

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