IT Wall Street Newsletter - February 11, 2009                                                                   Volume 4, Number 2


  Financial IT Career News

Reality Check: The Tech Job Market in 2009

The Bureau of Labor Statistics predicted that through at least 2016, demand for numerous tech positions would see the biggest levels of any job growth. Revising the IT Hiring Outlook, Dice.com reports that IT hiring will not be as effected by the recession as initially implied, with the same holding true for IT spending. full article

The Sun will Rise over the Financial Crisis

The financial crisis of 2008 exposed many flaws in the U.S. financial system, but the foundation of capitalism that has led to the greatest increase in wealth in human history remains.
The financial firestorm that ultimately resulted in the Dow Jones' shocking 50 percent-plus point drop smoldered for months prior to the index's implosion. Rants of depression did not create panic, but selling caused market gyrations that locked in losses. full article

services

Tech Forum Looks Past Economy to Future

Though venture capital has been sluggish since 2008, TED, the annual Technology, Entertainment and Design attendees focused on technology innovation in the realms of climate change, robotics, and combating new viruses. Investors, such as James Phillips, head of Pinnacle Investments in Arkansas, remain confident, "Tech will lead us out of this." full article


Global Financial Technology News

bonuses

Wall Street Bonus Analysis: 1985 - 2008

Cash bonuses paid by Wall Street firms to their New York City employees declined by 44 percent in 2008 in response to record losses suffered by the securities industry, according to an estimate released today by State Comptroller Thomas P. DiNapoli. DiNapoli noted that the federal Troubled Asset Relief Program (TARP), which infused billions of dollars into the financial system, helped prevent more institutions from failing. full article

  Cloud Computing Gains Traction on Wall Street

While Wall Street organizations such as Morgan Stanley, Merrill Lynch and Nasdaq have begun using cloud computing for its pay-as-you-go model, questions about control and security remain.
Though cloud computing often is little understood, it is among the hot technologies for 2009, and it stirs up strong emotions among both supporters and detractors. full article

Low Latency Spending Moves Full Speed Ahead

In the past, Wall Street's reliance on technology to reduce latency was focused mainly on algorithms and the trading of equities. While algorithmic trading of equities remains the most sensitive to data latency, other asset classes -- such as foreign exchange and certain types of derivatives, especially exchange-traded options -- are also moving more and more toward algorithmic trading and are increasingly sensitive to latency. full article

NYC and London vie for Bottom Spot in Global Finance

Previously a debate over which city is No. 1 within financial services, London and New York have both been pounded by the financial crisis. Despite delays in the stimulus package sending currency down slightly, the strengthening dollar indicates improved global confidence in the United States, and New York appears poised for a quicker rebound. full article

CIOs Seek Flexibility, Efficiency on Wall Street

For the first time in recent memory, senior technology leaders' No. 1 mandate is not to build technology to prepare the business for growth. Instead the top IT priority across Wall Street is to manage technology efficiently.
This dramatic reversal of priorities that places future growth behind efficiency is forcing CIOs and CTOs to take a long look at every part of the technology organization. full article


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