Banks unwilling to pay more for IT staff
Recruiters The JM Group have produced their first IT in finance salary survey of 2009 after a turbulent period of shrinking technology budgets and fairly hefty layoffs. The result? Pay has remained largely unchanged....
In its snapshot of financial technology hiring trends for Q3 of this year, the JM Group points to a generally improved situation, but an over-supply of candidates and distinct pickiness on the part of employers.
Elsewhere, front office investment banking salaries have been <a href="https://news.efinancialcareers.co.uk/News_ITEM/newsItemId-20183" target="_blank"on the up, but technology base pay hasn't budged since the end of 2008. The good news is that bonuses look like being better this year - banking technology headhunters tell us they expect an average uptick of 20-30% in 2009.
Some techies have found services very much in demand recently, says Julie-Anne Brooks, director, head of the JM Group: "There has been a distinct increase in the number of positions available in the investment banking area, primarily in equities, commodities and fixed income."
Still, as the salary bands below show, pay has remained static:
Source: The JM Group. Figures are base salaries only and rounded to the nearest increment of 5k
