Scotland's IT in finance sector is offering opportunities once again

After a period of retrenchment earlier in the year, the IT in finance sector in Scotland appears to have something of an embarrassment of riches when it comes to new job opportunities. But is the sector really that buoyant?

In the past few weeks, Odyssey Financial Technologies has launched a development centre in Glasgow, with a view to eventually created 200 jobs and RBS unveiled plans to transfer its global technology hub for money transfers from Chicago to Edinburgh.

Add the fact that Tesco Personal Finance and Barclays Wealth have been steadily recruiting for technology roles and it appears the sector is relatively healthy.

"The financial technology sector in Scotland was hit very hard towards the end of last year and beginning of 2008," says Kate McClorey, manager of the technology desk at recruiters Hudson. "Contractors were let go and project management roles suffered as well. In the past couple of months, there's been a cautious revival in the sector."

While the technology hubs in Scotland are providing job opportunities, the banks themselves are beginning to replace those who left earlier in the year, says McClorey.

You might have thought that there's a glut of talent on the market to fill these new roles, but firms are still facing difficulty in finding the right people.

"Project managers and business analysts are particularly hard to find," says McClorey. "A lot of the more technical people have been hoovered up by those firms which were recruiting. We've had to look to the London market for many of these roles."