Morgan's at it (snip, snip)

[oliverson]

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!

[WDNK]

Late

Your a little late, already happened at CS

[oliverson]

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.

[uk contractor]

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!).

[vadhert]

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.

[VillageContractor]

For me rates for IBs aren't much better than the rest of the market, it's not worth the hassle

[LondonManc]

For me rates for IBs aren't much better than the rest of the market, it's not worth the hassle

What hassle?

[VillageContractor]

What hassle?

Did you not read the OP?

[BrilloPad]

What hassle?

Many 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......

[MrMarkyMark]

Many 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......

What sort of "personality"...maybe that's why you, me and LM all got in