Can bank cut your rates within the first months of your contract?

[LondonManc]

Wow banks sound like such a great place to be right now

If you can weather the next six months, they'll be fine.

[Bluenose]

Wow banks sound like such a great place to be right now

10% rate cut plus 8% tax increase could mean up to 18% pay cut for some staff.

The sad truth is that many won't realise this until the tax bill is due in January.

[billybiro]

The recruitment agency told me they couldn't cut rates in the first 12 months, lies?

As if you even need to ask....

[oliverson]

Banks can (and do) cut rates whenever they want. They cut mine after only five weeks as part of a bank-wide cut. You're lucky if you escape these (or mission critical).

I can do better than that. I landed my first investment bank contract in 2008 at RBS. Started on the Monday and on Wednesday got my rate cut 10%. I argued that they must have known about the cut before they offered me. After numerous emails they maintained their stance. I was gutted and angry. Contemplating what to do I bumped into my 'line manager' (translation - some public schoolboy for whom this was his first proper job - total kn0b as well) at the lifts and he asked me what I was going to do so I resigned on the spot. Next day Lehmans went bust. Fortunately I landed another one with a commodities trading company within a couple of weeks.