Where investment banks intend to recruit for IT this year
With technology budgets within investment banking tight throughout 2009, it's not surprising to see that the majority of firms cut back last year. However, it looks as though IT is a priority again in 2010 and job opportunities are presenting themselves.
The US investment banks
JPMorgan spent $4.6bn on 'technology communications and equipment expense' last year, which is a 7% uptick on the previous 12 months. This means it's the only bulge bracket firm (at least those that break out technology expenses) to have spent more on IT last year.
Recruiters tell us that JPMorgan's investment bank is looking for techies within its equities and foreign exchange teams.
Sadly, Goldman Sachs spent $709m (or 7% less than 2008) on communications and technology last year, while Citigroup - which intends to save $3bn on technology over three years - has cut costs by $1.4bn over the last 12 months.
Goldman is believed to be focusing its attentions on developing multiple asset class e-trading systems this year.
Bank of America Merrill Lynch does not reveal technology costs, although recruitment efforts are thought to be focused around ongoing integration efforts after 2008's merger as well as equities.
Neither, sadly, does Morgan Stanley, but fixed income is understood to be an area of IT investment.
The European picture
European investment banks don't break out IT expenses, but that hasn't stop rumours circulating about their recruitment needs.
Credit Suisse's investment bank has already stated that it will be hiring for IT in 2010, and recruiters tell us that risk, fixed income and FX are key areas of focus this year.
Deutsche Bank, meanwhile, is believed to be planning on hiring for a credit and market risk platform this year, and recruiters tell us it's also earmarked a number of roles within equities technology.
UBS, which lost a number of senior technologists last year, is recruiting for cash equities, equity derivatives and credit risk technology projects.
The majority of large UK banks have, of course, yet to report their 2009 results. However, BarCap has been recruiting for equities IT throughout last year, and is rumoured to have big hiring plans for 2010.
