Why are there so many bank/finance IT support jobs at the moment?

SiD the Turtle

SiD the Turtle

SiD the Turtle

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Flicking through a few job websites I've noticed that a search for the generic term 'support' in London shows that over two thirds of the jobs out there are for people to 'break into banking', 'must have FX experience' etc.

Surely with the recent banking crisis IT jockeys were the first to be given the boot?

It's not an area I want to go into, but I am curious.
 
I would love that sort of job just now (have experience etc) but don't want to move to London. Didn't like South Englandshire :( Catch 22.
 
i know the answer - my sister works as PA to one of the IT directors at morgan Stanley in Canary Wharf.

It's simple really - as you may recall IT support people were the first to get the boot at the start of the crisis - the banks needed to secure serious capital. Now, after the financial bounceback (understatement - the banks that made it are cleaning up) they need staff back ASAP to cope. simple really.
 
Superficial said:
i know the answer - my sister works as PA to one of the IT directors at morgan Stanley in Canary Wharf.

It's simple really - as you may recall IT support people were the first to get the boot at the start of the crisis - the banks needed to secure serious capital. Now, after the financial bounceback (understatement - the banks that made it are cleaning up) they need staff back ASAP to cope. simple really.
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Pretty much what's happened.

A lot of it is contract work, and when hard times come the first people to get the boot are the contractors. Now they are just hiring back.
 
Jobs going in london on £70k doing exactly the same as I'm doing now for nowhere near that... Shame they are all asking for 15 years experience... 10 years to go then...
 
it is because the government has been giving the banks loads of fake money to prop up their failed businesses. So they were immune to the recession, while most other industries where down sizing, the likes of RBS and others who got loads of free money from their friends in government, have been hiring people. Also what i think factors in is that working in the finance sector doing IT is about the worst IT job you can get.

Everyone is rude, the systems SUCK and the money is not THAT great. So they have a high staff turnover and thus always looking for new people.
 
People are getting stressed out with IT jobs and leaving? Money is not as good as people hoped it to be unless you are one of the mega guys.
 
Superficial said:
It's simple really - as you may recall IT support people were the first to get the boot at the start of the crisis - the banks needed to secure serious capital.
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This is news to me ?:confused:

I thought the IT industry was holding up quite good during the ressession, unless they were in a seriously not needed sort of role.
 
groen said:
the likes of RBS and others who got loads of free money from their friends in government, have been hiring people. Also what i think factors in is that working in the finance sector doing IT is about the worst IT job you can get.
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i wouldn't necessarily class RBS hiring people as a bad thing to be honest. they lost a load of front office staff over the last year (about 1,000) which ceo stephen hester reckons has cost them £1bn in lost revenues.

the fact that they're selectively hiring to replace lost staff can hardly be a bad thing
 
DJMK4 said:
This is news to me ?:confused:

I thought the IT industry was holding up quite good during the ressession, unless they were in a seriously not needed sort of role.
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Many financial companies avoided making redundancies, but as was mentioned earlier in the thread i think, they got rid of a lot of temporary staff and contractors.

Now they are needing to bring people back in to fill the gaps that were left.
 
A lot of IT workers were given the boot, most of which in a knee-jerk reaction by middle management to make their numbers match.

Now that some time has passed, they (the banks) have realised they need more IT workers and are re-employing for the same positions they sacked.
 
The financial sector is starting to get back on it's feet.

And suddenly thinking 'Whoops, we sacked everyone, who'se gonna do our projects?'

That's where people like me come in :)
 
groen said:
it is because the government has been giving the banks loads of fake money to prop up their failed businesses. So they were immune to the recession, while most other industries where down sizing, the likes of RBS and others who got loads of free money from their friends in government, have been hiring people. Also what i think factors in is that working in the finance sector doing IT is about the worst IT job you can get.

Everyone is rude, the systems SUCK and the money is not THAT great. So they have a high staff turnover and thus always looking for new people.
Click to expand...

Lol. Depends what you're doing. If you're tech support on the trading floor and you can't handle stress I'm sure it does suck. I'm a dev (on placement) working with software that traders use and I love it. Everyone I work with is friendly, helpful and they all enjoy it.

And of course, the money does suck. There's loads of jobs that can pay £500/day.
 
Tikkabhuna said:
Lol. Depends what you're doing. If you're tech support on the trading floor and you can't handle stress I'm sure it does suck. I'm a dev (on placement) working with software that traders use and I love it. Everyone I work with is friendly, helpful and they all enjoy it.

And of course, the money does suck. There's loads of jobs that can pay £500/day.
Click to expand...

Wow, a 2 year bump? I mean.. really?
 
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