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Ongoing investment drives demand for IT contractors
by Susie Hughes at 11:55 19/06/14 (News on Business)
IT contractors are expecting a large number of roles to be created in financial services in the next 12 months as investment in the sector continues to produce more opportunities.
Results from a survey of IT contractors by umbrella employment provider, giant group, found that 22 per cent are predicting that more job opportunities will be created in the financial services sector over the next year.

Many banks are currently heavily investing in technology that can aid them in streamlining capital and liquidity reporting through either in-house developments or off the shelf packages and this is what is partly behind the demand for IT contractors. Organisations are having to draft in experts with niche skill sets to focus on the extensive regulatory and legislative projects.

Managing Director of giant group, Matthew Brown said: “It’s exciting, if unsurprising, to see IT professionals in financial services being so sought after, given the ongoing investment in the sector. The majority of the demand we’re seeing is for contractors with specialist technical skills as many businesses are investing in their reporting systems.

“Part of the demand could also be driven by the number of mergers in the financial services sector in recent times. We’ve seen Bank of America and Merrill Lynch join forces as well as the RBS/ABN-Amro merger and these large-scale unions create sustained, long-term assignments in a number of areas.

"Not least the huge systems migration projects and change management programmes needed to ensure a seamless changeover. We predict this demand will continue to intensify as there simply aren’t enough permanent specialists on the ground at the moment. This is in line with other results from our survey which found that the percentage of contractors expecting a pay increase grew by six per cent, reflecting the demand that many professionals feel will be shown."

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