Research conducted by Giant Group plc has found that confidence is returning to the financial sector. Contractors who took part in the survey were asked where the work would be coming from and the largest proportion (30%) agreed that the financial sector will produce the most job opportunities over the coming year. This is double the respondents who felt this way last year. Unsurprisingly fewer than 10% of those surveyed believe there will be plenty of public sector contracts up for grabs next year.
Managing Director of Giant Group plc, Matthew Brown, commented: “Optimism about IT job creation in the financial services sector has bounced back strongly. Financial institutions are reviving projects which were put on hold during the recession. With IT departments now struggling for capacity as workloads have increased, hiring has once again picked up.”
He continued: “Financial services businesses are adapting their front office systems to the realities of the post-credit crunch world. They are facing huge regulatory pressure to make transactions more transparent and improve risk monitoring. Whilst one or two banks might be trimming back and middle office staff, that seems to be against the broader trend. Banks and other financial institutions are investing heavily to integrate IT systems following the wave of mergers precipitated by the financial crisis. The purpose of these projects is to achieve cost savings, so these are projects banks are keen to push ahead with in the expectation of a fairly substantial return on investment.”
Speaking about pay rates in the financial sector, Mr Brown concluded: Matthew Brown said: “Rates for many contractors in the financial services sector were slashed during the recession. It is encouraging that a reducing number of contractors expect to have their rates cut again over the next 12 months.”

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