Little bird tells me Morgan Stanley are cutting rates and notice periods to zero. No doubt the rest will follow suit. Let the cuts commence!
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Morgan's at it (snip, snip)
Collapse
X
-
-
-
Personally I think this year is going to be an extra special one for cuts. Glad I'm out of there. Haven't contracted at an IB for almost two years now.Comment
-
The entire financial services industry in London are on a mission to shave staffing costs. I know from personal experience all about that having been at several IB's when they decide to cut costs & with little to no notice your asked to leave or in my case have your contract (s) cut short! That's why they have the 1 week notice period most of the time.
So much of this back office work is going away its being outsourced wherever possible to regions outside the UK with cheaper labour overheads & or given to UK based outsourcers or manage services providers who get a similar rate but pay a fraction of it to the contractor they hire.
Many trade floors are even half empty nowadays HFT is making traders redundant as well so along with that goes another bundle of jobs in trade support, trade floor IT support, back office support for post trades/settlements etc etc. Every time a trader gets made redundant your looking at another 10-15 support staff who are no longer needed.
I predict within 5-10 years most of the trading in London will be HFT so a lot of these jobs will go once the big boys at the top of the food chain put the majority of their trades via HFT. They are still a little skittish about that as 1 mistake can wipe you out (just ask Knight Capital Group!) https://en.wikipedia.org/wiki/Knight_Capital_Group
Financial services is probably one of the most volatile sectors to be working in right now (unless you have a niche skillset that is!).Comment
-
IB's are crap at the moment, I haven't touched them for over a year now and am happily working in other sectors that pay just as well without all the tripe that comes with.
Polishing a turd near you!!Comment
-
Comment
-
Originally posted by VillageContractor View PostFor me rates for IBs aren't much better than the rest of the market, it's not worth the hassleThe greatest trick the devil ever pulled was convincing the world that he didn't existComment
-
Comment
-
Originally posted by LondonManc View PostWhat hassle?
I chased up on OP post as it is close to my heart. Very few are affected......Comment
-
Originally posted by BrilloPad View PostMany hoops to jump through to get on-boarded. Commuting nightmares. Personality based rather than results based.
I chased up on OP post as it is close to my heart. Very few are affected......The Chunt of Chunts.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment