However hiring for both contract and permanent roles remains steady in the second quarter of 2011 compared with Q1 with development as the functional area with the largest share of vacancies at 40%, mostly in Java and C# disciplines.
Looking at vacancies by product area, risk and operations come out slightly above the rest.
Laurie Boyall, Managing Director at McGregor Boyall said: "Our findings indicate that the market has now evened out in terms of recovery and that the rapid growth we saw last year has stabilised."
The report did indicate that there were still small spikes in requirement for contract roles, particularly at the end of Q2 although permanent roles remain at a more static level.
"With the recent Independent Banking Commission report calling for a ring fencing of retail and investment banking operations, it seems likely that even more regulatory reform will take place," added Boyall.
"Once the report has been finalised, we are likely to see financial institutions having to rethink some of their IT strategies. This will inevitably lead to a renewed spike in the demand for IT specialists - particularly contractors - to work on large-scale projects which will be driven by compliance and risk issues, rather than investment in new systems. "
The Independent Banking Commission Report was finalized on 12th September and the government intends bringing in legislation, to get high-street banks to split their retail and investment activities, during the course of this parliament.