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.

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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.

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