London’s share of IT jobs is on the slide with a large number of contractors working in the financial services sector having their contracts terminated or not renewed, recruitment companies said.

ReThink Recruitment said that the total share of new IT jobs created in London and the South East had tumbled from its peak of 65.5 per cent two years ago to 57.6 per cent as the deepening banking crisis had “lead to headcount freezes in the financial services sector.”