hsbc - cull starts

[shamoon]

Why is everyone getting so hot and bothered!?!

Business is business - contractors get hired and then get let go. In the IB arena, yes you need to have your big boy boots on as its no walk in the park...

We all know this (and IB renumerates us VERY well for it), whats the issue?

The possibility that the next cut could be huge and you are left against hundreds others looking for a new role in your field all at similar pay/skills.

[BrilloPad]

The possibility that the next cut could be huge and you are left against hundreds others looking for a new role in your field all at similar pay/skills.

If it worries you, become a permie.

Though, to be fair, permie at IB is hardly safe....

[uk contractor]

RBS at it as well now!
Unite union claims RBS plans 900 IT job cuts - BBC News

[eek]

RBS at it as well now!
Unite union claims RBS plans 900 IT job cuts - BBC News

That's not news. The movement of RBS IT's department from the UK to India has been on going for years. Even this set of redundancies have been known about for ages..

[gables]

That's not news. The movement of RBS IT's department from the UK to India has been on going for years. Even this set of redundancies have been known about for ages..

Indeed, could've sworn I'd seen a headline like that if not 2015 then 2016. It sticks in my head as I thought a guy I'd previously worked with was there and I contacted him, but he wasn't, it was a different bank

[PermMCCon]

If it worries you, become a permie.

Though, to be fair, permie at IB is hardly safe....

Agreed. Permiedom means a better safety net, while contracting (in general) means first out of the door. Yes there are exceptions, but that is how it works in general.

Higher rates in IB, no denying that, but it comes with much higher risk and work rates. C'est la vie.

[BrilloPad]

Agreed. Permiedom means a better safety net, while contracting (in general) means first out of the door. Yes there are exceptions, but that is how it works in general.

Higher rates in IB, no denying that, but it comes with much higher risk and work rates. C'est la vie.

Agreed. Plus IB involves commuting. You see the worst side of people. Well 2nd worst. The worst side is people you divorce....

[PermMCCon]

Agreed. Plus IB involves commuting. You see the worst side of people. Well 2nd worst. The worst side is people you divorce....

If I got a penny for everytime someone in this forum moaned about IB contractor culls, I would be a very rich man.

Well, I would have £2.43 which will be enough money for me to buy half a cup of coffee in the cantine of an IB office

[Cirrus]

If I got a penny for everytime someone in this forum moaned about IB contractor culls, I would be a very rich man.

IB is only a small part of HSBC in terms of contractors. It has large amounts of commercial, retail and private banking, in myriad countries.

[PermMCCon]

IB is only a small part of HSBC in terms of contractors. It has large amounts of commercial, retail and private banking, in myriad countries.

Ok fine Cirrus.

Lets update it to

"If I got a penny for everytime someone in this forum moaned about big bank contractor culls, I would be a very rich man"

and so on. You know what I meant.

Culls happened before 2008 and (if we are all honest) that much more often since then.

Shame though, I think I know where the forum is coming from:

Instead of knee jerk culls, what people in the forum are asking for is "controlled" culls. ie large programme has completed successfully, natural next step is contractor being let go and permies moving on to their next role. and so on again.