You really want a piece of London/Banking ?

[d000hg]

Has no one every thought of organising a mass refusal next time an across the board rate cut is 'offered'?

Like a union?

[SussexSeagull]

Like a union?

Perish the thought :-)

My experience of people in the City is there aren't backwards in going forward so it does surprise me more resistance isn't put up.

Alternatively they might be all talk!

[rocktronAMP]

Perish the thought :-)

My experience of people in the City is there aren't backwards in going forward so it does surprise me more resistance isn't put up.

Alternatively they might be all talk!

I would have thought of union too.

I have also experience of being a permanent employee and a contractor of several banks. I am outside of banking and yet I still applied for a digital web job over there recently advertised.

I agree with the posters that there is a better life and work balance outside of the investment capital arm of some of these banks especially if it stick to the retail operation. On the other hand, you probably not earn over £500, £600, £700 per day for rates and you not working from 8am to 7pm.

Just because some of us contractor left scene, will not stop other going in there. Banks used to push a lot of innovation and be more up on the leading edge of the adoption curve, but most are now playing catch up with technology and plus there is huge amount of technical debt in there for consultancy companies to wade through with sticks. Consultants can exclaim to their associated managers, "please bill me £1000 per day (but if it aint broke ... if you tried A then attempt method B, if you tried B then try method A)"

There is the other side of the coin regarding the reduction contractor rates: permanent staff probably have not seen a pay rise in a several years and best of fortune to see any bonus, which will be generally deferred for three years in structured tranches. So count yourself lucky if you believe that you "delivered exceptional value to the business" and are waiting for February 2017!

[Bluenose]

As another contract comes to an unexpected end, it gives me cause to reflect on contracting in the London banking sector. May give an insight into those daft enough to be considering it.

Client 1 - 3 days into contract and a 10% rate cut

Client 2 - 12 months into contract and a second 'trivial' renewal didn't happen. Found out from a colleague, wishing me well, about 2 weeks before contract end!

Client 3 - 6 months into project and politics kicks in - project moved to New York

Client 4 - 3 months into 6 month contract and a 15% rate cut.

Client 5 - 7 months into contract and 10% rate cut. 12 months later and another 10% rate cut. Needless to say I left soon after

Client 6 - big program of work turns sour and 100% rate cut at end of contract

So, the question remains. Do you want a piece of the IB sector in London? Do you really?

Good post.

I don't mind the hassle if it pays well, it don't anymore so, I bailed.

It is surprising how much more money you can earn outside of IB now.

Many ex-colleagues far more highly experienced than me prefer to stay in the bubble and get shafted on rate. If they explored outside of IB they would make 30% more right now.

[oliverson]

Good post.

I don't mind the hassle if it pays well, it don't anymore so, I bailed.

It is surprising how much more money you can earn outside of IB now.

Many ex-colleagues far more highly experienced than me prefer to stay in the bubble and get shafted on rate. If they explored outside of IB they would make 30% more right now.

I've decided to 'lower my expectations' rate-wise and get out in 2015. That's my mission. I have other opportunities that will take me up to Summer 2015 and then I'm out and what a relief it will be. There's more to life than money (man I never thought I'd say that!).

[ChimpMaster]

I've decided to 'lower my expectations' rate-wise and get out in 2015. That's my mission. I have other opportunities that will take me up to Summer 2015 and then I'm out and what a relief it will be. There's more to life than money (man I never thought I'd say that!).

I left IB 3 or so years ago and haven't looked back since. Yes I miss the city and the life but the commute was horrible and the institutions are very backward on remote working etc (until they want to offshore that is...).

When I left I immediately walked into a contract well outside of London and a better rate than I was getting at the bank. Since then, my rate has gone up even further and generally I believe rates in the City have gone down.

More importantly, I am appreciated for the effort I put in and the experience I provide, rather than looked upon unfavorably due to being an 'expensive contractor' as often is the perspective at banks.

[oliverson]

I left IB 3 or so years ago and haven't looked back since. Yes I miss the city and the life but the commute was horrible and the institutions are very backward on remote working etc (until they want to offshore that is...).

When I left I immediately walked into a contract well outside of London and a better rate than I was getting at the bank. Since then, my rate has gone up even further and generally I believe rates in the City have gone down.

More importantly, I am appreciated for the effort I put in and the experience I provide, rather than looked upon unfavorably due to being an 'expensive contractor' as often is the perspective at banks.

I'd agree on rates. 10 years ago when I embarked upon this quest there were rates of £ 600+ up for grabs. Lot of money back then but is it now? A lot has changed in 10 years - house prices (obviously), energy costs, motoring costs, general cost of living. The banking rates just haven't kept up pace and the future looks bleak with ongoing cuts and pressure on rates, forced time off, offshoring of roles. In many respects I'm actually glad because as the rate difference narrows between the banking roles and those outside the industry, it makes the decision to leave banking easier. Hell, I might actually look at how interesting the role is rather than how much it is paying! The trouble now is 'am I typecast'? That's another story!

[Lewis]

it makes the decision to leave banking easier.

I left IB 3 or so years ago and haven't looked back since.

What sectors have you moved into? What rates are available (say for a C# developer)? I've been in IB for 20 years and would welcome the chance to work outside of London and in a different environment, but have always assumed the rates elsewhere are too low to be able to consider it.

[oliverson]

What sectors have you moved into? What rates are available (say for a C# developer)? I've been in IB for 20 years and would welcome the chance to work outside of London and in a different environment, but have always assumed the rates elsewhere are too low to be able to consider it.

All my contracting work has been in the financial sector, probably 60% investment banking and 40% retail banking. Retail banking is/was a far happier hunting ground as those roles were outside of London. There's nothing in London that I'll miss when I 'escape' in 2015, not even reminiscing about my time there as the Apprentice comes on TV and does the London flyover!

Realistically, I'd be looking at lowering my rate to the level I was on 10 years ago £ 400 for C sharp development in the north of England. Actually that's quite a bit less than I was on back then but it was unusually high at the time and it's unlikely to ever be repeated. Actually, typing that figure out has sowed the first seeds of doubt in my head and this is the reason some contractors gravitate towards London and banking. The rate difference, even when taking into account the travel and accommodation expenses (typically around £ 100 a day), is still wide enough that I could work 9 months of the year on banking rates or work 12 months of the year on non-banking rates.

I'm aware that there are some bigger rates outside of London but when I say 'escaping' London (and banking), I also mean contracting near to my home with a reasonable daily commute. There's not much in my neck of the woods greater than £ 400 in my skillset unfortunately.

[eek]

Good luck with that. £400 is the absolute top rate for C# in the north of England... Which is why its no longer the skill I advertise as number 1...