LBG Rate Cut?

[uk contractor]

LBG are under intense pressure to cut IT staff costs as they still use mainly legacy systems. When they have tooled up for the 21st century IT wise I expect them to announce 10-15% UK workforce reduction (out of 200,000 that's a lot of job losses!!) the place is full of legacy staff as well who have been there forever just waiting to get the hoped for big redundancy payoff (which I doubt will be anymore than the statutory minimum). This is why the outsourcers are there they do not usually replace perm job leavers anymore the outsourcer gets asked to provide someone as the upper management know its being primed for a major downsizing once their IT systems are more modern (probably when the UK gov will be able to sell their remaining shares).

[northernladuk]

LBG are under intense pressure to cut IT staff costs as they still use mainly legacy systems. When they have tooled up for the 21st century IT wise I expect them to announce 10-15% UK workforce reduction (out of 200,000 that's a lot of job losses!!) the place is full of legacy staff as well who have been there forever just waiting to get the hoped for big redundancy payoff (which I doubt will be anymore than the statutory minimum). This is why the outsourcers are there they do not usually replace perm job leavers anymore the outsourcer gets asked to provide someone as the upper management know its being primed for a major downsizing once their IT systems are more modern (probably when the UK gov will be able to sell their remaining shares).

You don't think it's anything to do with the fact they release their figures on the on Feb 25th and it could be some coincidence the last one was a year ago to the day?

Financial Calendar - Lloyds Banking Group plc

[bracken]

Not heard a sausage...

I'm working there at the mo on the business side...not heard a sausage on rate cut but having worked there on a number of occasions previously, it's kinda par for the course - a 10% cut together with 30 days notice - take it or leave it...I usually bend over nicely and take it...

[Vaughan]

LBG are also cutting contracts short ( as a means of cost cutting ). That is more like a 100% cut.

[BrilloPad]

You don't think it's anything to do with the fact they release their figures on the on Feb 25th and it could be some coincidence the last one was a year ago to the day?

Financial Calendar - Lloyds Banking Group plc

At last someone says who LBG are!

I have been trying to work it out......

[PurpleGorilla]

At last someone says who LBG are!

I have been trying to work it out......

[countryboy]

I'm at LBG.

I know at least two large suppliers are passing on a 10% cut with immediate effect.

The mob I contract to have just notified some of my team (mainly BA's) that a cut might be on the cards for them.

Also weird talk about proposing a 10% cut in return for 12 month contract instead of the usual 3 month deal ... lol.

[Bluenose]

RE: 12 Month contracts.

On the last RBS cut in 2014, Lorien and RBS tried to sell the same thing - 10% cut but 12 month extensions for many.

I walked immediately, after an initial hit on my finances I ended up earning 50% more than if i stayed and ended well up year-on-year.

After being in banking for 8 years I realised other parts of the economy were willing to pay me far more and with better working conditions.

RBS and LBG are not great places to work in comparison with other places, they do not pay that well and they are not exactly on the up and up so why stay being part of a dying business ?

[northernladuk]

RE: 12 Month contracts.

On the last RBS cut in 2014, Lorien and RBS tried to sell the same thing - 10% cut but 12 month extensions for many.

Look on the bright side.. the 12 months will be perfectly timed end just before the next cut

[Bluenose]

Look on the bright side.. the 12 months will be perfectly timed end just before the next cut

Hah! You are not wrong there NLD