IT professionals specialising in the finance sector face a marked decrease in job opportunities, whether they are contracting as Umbrella Company Employees or seeking permanent positions.

This is the verdict of the latest financial IT employment outlook report from the largest specialist IT recruiter in the UK, Cititec. The report polled key decision makers in financial IT firms across the UK for their hiring intentions over the next quarter, comparing results with the same period last year.

Overall, the trends indicate a net decrease in hiring for both contracting and permanent roles during Q2 2012, which are projected to fall by 16% and 8% respectively in comparison with the second quarter of 2012.

Beneath the overall figures, however, some technological areas are faring rather worse than others, the report has found. Development and support roles, for example, are performing worst of all with a 25% contraction.  In contrast, specialists in trading applications are likely to see an increase in demand, especially amongst investment banks.

Testing is also seeing a contraction, with permanent roles being squeezed even more than contractor alternatives.

Commenting on the findings, Cititec’s director, Robert Grant, said: “On the face of it the figures look concerning; however, in Q2 of last year there were unusually high levels of recruitment as confidence increased into the market. This has meant that 2013 looks worse in comparison, but is actually at normal levels for the time of year. Also the number of off-shore projects are increasing. The global picture is positive, but has dropped off in the UK.”

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