IT change managers are still desirable, but big projects are nearing completion
For the time being, IT change management professionals remain relatively hot property. But, with a number of projects nearing completion, what does the future hold?
Commerzbank announced last week that its integration of its systems with Dresdner Bank was on track to be complete in the second quarter of 2011. Similarly, JPMorgan said it was switching its tech focus away from integration and towards "business opportunities" driven by technology.
Recruiters also tell us that any tech change management hiring coming out of RBS or Bank of America Merrill has either stopped or been reduced to a trickle of roles.
"The one major bank still recruiting integration specialist is Lloyds, which still has a hefty chunk of HBOS to digest," claims one IT in finance headhunters.
There's also the surprising revelation that Lehman Brothers (well, its administrator) has been recruiting IT professionals throughout the summer as it continues to wrestle with separating its banking platform from that of Nomura and Barclays.
In fact, it may not be entirely grim for change professionals when this acquisition driven integration work nears an end anyway. Recruiters point to change projects kicking off driven by internal "rationalisation" and a number of smaller firms have been looking to hire as they review their IT systems.
"The volume of roles for M&A integration have slowed but demand for the generic change management skill set remains," says Paul Bennie, director of IT in finance headhunters Bennie MacLean. "Within larger banks transformation is high on the agenda and within smaller banks and asset managers, consolidation and integration remains a hot topic."
A transition director can usually bring in total comp of around 275k, he suggests, while those at VP level are more likely to earn 100k with a 50% bonus on the table.
"If they look outside of working directly banking, a logical step is to join a consultancy," he adds. "This adds an element of longer-term security to the role, while ensuring they are able to drop into some high profile projects."
