Market turnaround ib banking

[herman_g]

I don't know about other sectors, but banking seems to be gearing up for a new boom.

I've been at Lloyds ( just like working in Mumbai ) on somewhat of a recession rate since my first-ever 5 month benching.

Yesterday I got two calls.

Call one - work at bank a in a niche area that pays very well and I had tried many times to get into. Never had an interview there before but turns out they asked for me by name ( worked with the newly-hired manager two years back ). A mate works there and tells me they need 6 people yesterday.

Next the shocker. agent for Bank B who tossed 30 contractors out and outsourced development to India rings me up and tells me Bank B has drawn up a list of fourteen contractors they want back onsite ASAP and my name is on there.

Been a little depressed and pessimistic from hearing the constant rat-a-tat-tat Indian banter and thinking about how impossible it was going to be to replace my quickly-aging Merc with something even 4 or 5 years old.

Now, I'm feeling a whole lot better - seems like new boom-days are just around the corner.

[herman_g]

One more piece of insight to my optimism.

Bank B is closely aligned with the Bank of England and when they scaled down two years back and only hired one Indian for every 6 contractors, I saw this as a major indication of what they knew and the direction things were headed at the time. Believe me, this happened way before anybody else cut back and I immidiately took this as a sign of imminent recession.

Now that everything is turned 180, I feel this is a real indication of the direction of the banking market and the economy as a whole.

[northernladuk]

I wish I shared your optimism. I wouldn't call a turn around in policy at two banks a boom IMO. Bearing in mind I am guessing one of them is a bank that shed 700+ contractors just before Xmas that was completely unsustainable and we knew the roles would pop up again soon in to a new finacial/fiscal year.

You didn't mention the rates interestingly. Said bank above is taking the p*ss with the rates it is offering as well so again, hardly boom.

I do hope your right but do think you basis for this analysis is a bit specific rather than industry wide.

[herman_g]

Bank A is paying extremely good rates.

Bank B is talking rates slightly lower than before but better, in general, than what's been around.

Lloyd's is a whole other story and it is only a matter of time before they wake up - one good disaster like those that Barclay's had last year ( prompting the cancellation of the Accenture deal ) would do it. I overheard ( repeatedly in a conversation ) some of Lloyd's rates last week for Indian-based "talent" and could hardly believe my ears ( you could easily hire 2 local entry-level permies for that money - it is truly and utterly senseless - reminds me of the World Bank kickback scandel).

As for Bank B's business ( I'd rather not be specific ), the system development is highly-funded ( in the range of 60% ) by the Bank of England and variations of the funding up or down, are HIGHLY dependant on the economic cycle.

I am really convinced they know something! As well, I am convinced this is a signal of a real economic recovery.

[ronanm]

I hope you're right - my contract ends on 17th Feb Wish I knew more C# than I do

[aceboy]

I work in banking. The market has been booming in my sector (front office) for a while. This is being driven by the need to evolve / make money.

Rates are very much on the up, however I do not beleive the 800pd I saw on jobserve the other day. that has to be an agency fishing trip....

[Moscow Mule]

Rates are very much on the up, however I do not beleive the 800pd I saw on jobserve the other day. that has to be an agency fishing trip....

Even crap Summit devs would be on 750-800 a day.

[Clippy]

herman - what's your line of work?

[Le Rosbif]

I agree it seems to get MUCH better.
Been looking for couple of weeks days, and been v picky with the contract choice.
I have had 3 interviews so far and am in stage 2 for all of them.
I have another 4 lined up!

rates are excellent 600-650! That's back to what they were in 2003-2004

[herman_g]

herman - what's your line of work?

Card payments / payment encryption / int'l payments / securities - pretty much anything that runs on a Tandem box or something attempting to work like one.

Never saw anything like 2009 - hope to never see that again. Never imagined the banks not spending money on at least something.

The beach was great ( hung out at my place in Rhodes, Greece ) - but really only for about 2 months and then boredom and the feeling of worthlessness kicked in for the balance of the 5 months.