Recruitment for finance technology roles at the Big Four remains buoyant as banks clamour for staff to help them update, integrate and expand their IT systems.

So what is driving the hiring? One industry expert, who asked not to be named, points to multiple factors: ongoing core-banking modernisation programs at retail banks like CBA; ANZ’s acquisition of the RBS retail business in Asia; systems integration at Westpac/St George; preparation for ASX upgrades, the Chi-X Australia introduction; and the growth of dark pool trading.

Peter Noblet, regional director of Hays Information Technology, says large programs to replace end-of-life core systems are underway at the Big Four.

“Consumers are increasingly moving towards online channels to access, apply for and manage banking products, which is driving work within the e-commerce space. Compliance-driven projects are also creating a demand as banks ensure they meet legislative requirements,” adds Noblet.

However, the recruitment market is more mixed for foreign investment banks. “Some IBs are relocating IT functions to lower cost centres like India and Singapore, but a number of new entrants and existing IBs are increasing the size of their IT teams, which have either been relatively lean, or non-existent,” says Matthew Trustrum, director, Finrecruit.

In-demand jobs and sought-after candidates

There is a continued shortage of developers, in particular Java and C# professionals with business exposure to a variety of asset classes, says Noblet.

“Given recent mergers, there is a continued demand for business analysts to work across the board, with a view to bringing on large-scale integration projects. Those with specific vendor experience are sought because of the tendency for a number of banks to buy off-the-shelf applications rather than developing new applications in house,” he adds.

To help fill these in-demand roles, and if the right skills are not available onshore, banks are more open to hiring and sponsoring foreign candidates than they were a year ago, says Trustrum. “Although delays are still experienced from a lag in immigration approvals at DIMIA, which can hold things up.”

Firms are also targeting Australians based in the UK and Asia. These candidates “are finding roles within the banks generally quite quickly,” says Noblet.

He adds that because of the amount of work banks must deliver each year, there is a constant demand for contractors to provide specific technical or delivery expertise on projects, and to support business-as-usual positions as the demand for IT services increases.

“Off the back of redundancies in 2008/2009, the banking sector employed a huge number of contractors in 2010 to deliver their agendas. The banks now have plans to attract and retain permanent staff in most areas within IT.”