State of the Market

[GigiBronz]

I have just rejected a fully remote role with BAML because they/the agency were unable to get a bit closer to my current rate.

I hope I won't live to regret this.

I call this bulltulip. The advertised rate for the role I was applying was 750-850pd. But the main issue was that they were fully on site.
They stopped responding after mentioning I am not able to commute on regular basis there.

I have not seen a single bank as of lately that would accept fully remote roles. So bulltulip.

It's the idea behind the two days in the office? really needed or just made up tulipe to "have an eye" on people?

of course it is about control. How can people have lived so far and achieved so much while still being naive at the obvious way the world is working?

[sadkingbilly]

oh, dear, the whining is back.

[TheDude]

I call this bulltulip. The advertised rate for the role I was applying was 750-850pd. But the main issue was that they were fully on site.
They stopped responding after mentioning I am not able to commute on regular basis there.

I have not seen a single bank as of lately that would accept fully remote roles. So bulltulip.

Call it what you want. The role was with a US based team and the hiring manager was completely upfront about not having to work from the office if I didn't want to. For whatever reason they struggle to hire people with my expertise in the US and have to look to Europe.

The role wasn't advertised as fully remote however the agent told me about the possibility of remote work when I complained about Bromley and as mentioned the hiring manager confirmed this

I also have previous with BAML, know their proprietary systems and left on very good terms so maybe they were more wiling to make an exception for me.

You are quite correct that remote banking roles are not advertised but that doesn't mean that pragmatism doesn't enter into things.

[PCTNN]

It's the idea behind the two days in the office? really needed or just made up tulipe to "have an eye" on people?

I've never once heard that a return to the office idea was brought up by the actual people who do the work. They've always been decisions coming from the top, from senior managers/heads of departments that are usually old folks who in my experience:

• want to show they're in power
• want to check on people because they don't trust their employees
• probably don't want to spend time at home with their partners so if they're in the office then everyone else should
• are completely ignorant about neurodiversity and how a good percentage of people just perform better at home

[GigiBronz]

Call it what you want. The role was with a US based team and the hiring manager was completely upfront about not having to work from the office if I didn't want to. For whatever reason they struggle to hire people with my expertise in the US and have to look to Europe.

The role wasn't advertised as fully remote however the agent told me about the possibility of remote work when I complained about Bromley and as mentioned the hiring manager confirmed this

I also have previous with BAML, know their proprietary systems and left on very good terms so maybe they were more wiling to make an exception for me.

You are quite correct that remote banking roles are not advertised but that doesn't mean that pragmatism doesn't enter into things.

I still call bulltulip.

What timezone were they on? The usual challenge of working with the US is that when your day finishes here for them it just starts. You can't have collaboration unless you chose to work 2pm-10pm. THIS would be the main challenge of working for the US.
And you do not have a special skillset that allows you to do it at your own pace. In banks everyone is a minion running around pretending that they are important. If nobody sees you work than you'd be fired over the next month - no matter how much you create.

I am sure that you worked for them and it is all true and you were a stellar employee that left on 'good terms'.

[dx4100]

Current gig has gone well but I am down to month to month renewals now with my perm replacement starting soon.

Time to start lining up the next one but reading this grim thread looks like it might not be that easy saying that, this thread is also telling me not to be worried about canning this one off early for something more long term if it comes along. I usually wouldn't do that.

[GigiBronz]

Current gig has gone well but I am down to month to month renewals now with my perm replacement starting soon.

Time to start lining up the next one but reading this grim thread looks like it might not be that easy saying that, this thread is also telling me not to be worried about canning this one off early for something more long term if it comes along. I usually wouldn't do that.

It is only yourself that knows how your finances are I believe that even for experienced people with niche skillset it can take up to 3 months to get a new gig.
Too many cv's out there chasing very few roles. Agents don't call back, no feedback, I expect things to get a lot worse before they get better.

If you cannot afford 6m to stay out of work without affecting your mindset - ACT NOW. PREPARE FOR THE WORSE. (the mindset is the most difficult part and you end up taking rubbish contracts out of desperation)

The people around here couldn't consult a fine lady with pockets full of cash. Would you rely on them to provide you wisdom on how to feed your family?

[TheDude]

I still call bulltulip.

What timezone were they on? The usual challenge of working with the US is that when your day finishes here for them it just starts. You can't have collaboration unless you chose to work 2pm-10pm. THIS would be the main challenge of working for the US.
And you do not have a special skillset that allows you to do it at your own pace. In banks everyone is a minion running around pretending that they are important. If nobody sees you work than you'd be fired over the next month - no matter how much you create.

I am sure that you worked for them and it is all true and you were a stellar employee that left on 'good terms'.

It's all true and I was assured that I would be free to keep UK working hours.

I was never an employee but I have contracted there.

[Bluenose]

Call it what you want.

I would not take it personally, I think, judging by the tone of the thread post COVID that many people on here loved working in the City Of London 1990s-2008 simply realised that they now hated it (the City) and much of the tired corporate culture that runs it.

I think BAML in Bromley is just a microcosm of a much wider discussion about organisational culture that just don't seem to work well in 2023 and its probably not worked since 2008, if we are being honest about it.

But if you need feed your family, working for them is the right thing to do for many and if you like it then even better, there is a bum for every seat.

As an aside, this also made me chuckle on the left hand side of the forum page "TheDude is a disguised employee"

[TheDude]

I would not take it personally, I think, judging by the tone of the thread post COVID that many people on here loved working in the City Of London 1990s-2008 simply realised that they now hated it (the City) and much of the tired corporate culture that runs it.

I think BAML in Bromley is just a microcosm of a much wider discussion about organisational culture that just don't seem to work well in 2023 and its probably not worked since 2008, if we are being honest about it.

But if you need feed your family, working for them is the right thing to do for many and if you like it then even better, there is a bum for every seat.

As an aside, this also made me chuckle on the left hand side of the forum page "TheDude is a disguised employee"

I have worked for several banks since 2008 and been treated well.

Yes, I would rather do something more interesting but no job is more interesting than the things I actually want to do in life and for those I need money.

For better or worse banks pay contractors pretty well.