CitiGroup and Barclays Contractor Rate Cuts

[saptastic]

Citigroup and Barclays cut IT contractor pay rates :: Contractor UK

20% rate cut at Citi .....

[uk contractor]

Does not surprise me one little bit & Barclays are also outsourcing most of their support to TATA the 3 month extensions only are the biggest issue here. I can see a talent drain for both these banks contractor wise in the coming months!

[BrilloPad]

This is structural. IBs will soon only be left with pockets of IT staff. Though other departments are offshoring too.

It was great fun in IBs until 2000. And okay until 2008. But watching QE being pumped in via IBs, and lots of petty regulations and rules, made it very depressing.

One can only hope it blows apart the London house market.

[LondonManc]

The government's in a bit of a pickle here.

On one hand they need a thriving banking sector for all the employment/PAYE/Corp Tax it generates.

On the other hand, the banks have been a bit naughty and not passed the cash out to the people as eagerly as the government would have liked, which has no doubt ushered in the Glass–Steagall thinking of splitting IB and retail arms of banks. Similarly many of said banks are offshoring workforces and not playing ball, leaving UK short of taxpayers.

[uk contractor]

Unless the UK leaves the EU all these jobs are going away to Germany sooner or later anyway. The EU wants to move them all to Frankfurt & has done for several years now so its only a matter of time before many more Front & Back Office jobs in London go overseas!

[BrilloPad]

Unless the UK leaves the EU all these jobs are going away to Germany sooner or later anyway. The EU wants to move them all to Frankfurt & has done for several years now so its only a matter of time before many more Front & Back Office jobs in London go overseas!

Frankfurt too expensive. So is Glasgow. Dublin looks possible.

Anything IT/middle office/back office looks destined for India/Manila/Mexico/Montreal.

[oliverson]

Not sure if it's a bad thing really. Money was the only reason to go work at these places but now the rest of the country seems to be catching up. No more working on grids of data!

[MrMarkyMark]

Unless the UK leaves the EU all these jobs are going away to Germany sooner or later anyway. The EU wants to move them all to Frankfurt & has done for several years now so its only a matter of time before many more Front & Back Office jobs in London go overseas!

You do talk some twaddle. Try the countries Brillo has mentioned as well as Poland, Bulgaria etc.

[foobarz]

I'd be interested what those outsourced IB technical roles consist in ; could anyone with this background give a broad outline ?

[oliverson]

I'd be interested what those outsourced IB technical roles consist in ; could anyone with this background give a broad outline ?

Last IB I was at was Barclays and they were pushing lots of work out to their Eastern European units/partners. This was server-side Java and client-side .NET. I left because of a second round of cuts in 18 months and the suggestion that the only role for me at renewal would be managing this offshore connection (I'm a dev not a manager).