CitiGroup and Barclays Contractor Rate Cuts

[Cirrus]

I've moved from Banking to Insurance so I don't care anymore

The one good reason to vote Remain is if we leave, the Europeans won't be able to impose a Financial Transaction Tax. It'll kill the City but we can't tolerate another 2008 so it's the best thing for the country.

[BrilloPad]

Maybe IBs think now the Bob quality is high enough that they can ship them in on mass?

And they are probably right!

Most IBs, and all the decent ones, are not UK based. Wimbledonisation of the city. So the UK can hardly complain if jobs are offshored - or the jobs are taken by people from outside the UK.

[simondachstr]

I understand all the movement in outsourcing IT off-shore, but in my opinion this only works under the assumption that IT and technology remains static.

Also, I don't quite comprehend how a rate cut will effectively reduce your costs in the long-term. Leaving all the recruiters arguments aside "talent will leave taking all the knowledge with him and leave medium skilled workforce behind only for him to come back at a later stage at a much higher rate". Even then, how is making 20 people unhappy with an enforced cut better than firing that one superfluous contractor who works 10-5 and only starts AutoSys jobs?

[northernladuk]

I understand all the movement in outsourcing IT off-shore, but in my opinion this only works under the assumption that IT and technology remains static.

Also, I don't quite comprehend how a rate cut will effectively reduce your costs in the long-term. Leaving all the recruiters arguments aside "talent will leave taking all the knowledge with him and leave medium skilled workforce behind only for him to come back at a later stage at a much higher rate". Even then, how is making 20 people unhappy with an enforced cut better than firing that one superfluous contractor who works 10-5 and only starts AutoSys jobs?

That's because you are an IT bod and not an accountant. They need to make the numbers fit to keep the shareholders happy. Quality has nothing to do with it.

[LondonManc]

That's because you are an IT bod and not an accountant. They need to make the numbers fit to keep the shareholders happy. Quality has nothing to do with it.

Seen it before. Get rid then panic about what can actually be delivered.