High paying IT jobs at risk from Wall Street turmoil

More than 230 IT professionals at Lehman Brothers who make $250,000 (£137,000) or more a year will be out of a job by the end of this year.

Share

More than 230 IT professionals at Lehman Brothers who make $250,000 (£137,000) or more a year will be out of a job by the end of this year.

At Merrill Lynch, more than 180 IT professionals making more than $250,000 a year will also be without work as well, according to US management consultant Janco Associates .

The bankruptcy of Lehman Brothers and Bank of America's buyout of Merrill Lynch, combined with HP’s plans to lay off 24,600 staff over threee eyars will lead to a glut in the IT market, said Janco.

Janco's June 2008 IT Salary Survey showed, "Hiring was up across the nation as companies begin to focus on business expansion with a cautious eye toward the economy," said Victor Janulaitis, Janco CEO. "However with the recent events, that outlook has changed drastically."

"High-paying jobs within the IT function are targeted first when companies go bankrupt or are acquired. High-paying middle-layer jobs are viewed as sources of immediate cost savings," Janulaitis said.

Find your next job with computerworld UK jobs

"Recommended For You"

IT in the recession Despite Wall Street turmoil IT spending will grow