Credit crunch may create IT jobs

Credit crunch may create IT jobs

The US sub-prime mortgage crisis may actually boost the demand for specialist workers

Demand for IT professionals in the financial sector could rise as companies seek to repair the damage from the global credit crunch.

The sub-prime mortgage crisis in the US has started to affect the UK's IT industry, as businesses tighten their belts in response to the economic uncertainty.

But demand for skilled workers could actually increase if financial institutions decide to upgrade their supporting infrastructure, according to staffing company ReThink Recruitment.

Banks will want to rebuild the computer models that advise on when to buy and sell investments, said Jon Butterfield, managing director at ReThink Recruitment.

"Some of the funds which sustained the heaviest losses are computer-driven, which means their trading decisions are essentially pre-programmed," said Butterfield.

"These funds will need to look at refining and testing their computer models so that they are better equipped to predict and respond to market volatility.”