Anyone working at UBS?

[DaveB]

UBS tells IT contractors: Take a 10% pay cut ... or 100%

[JoJoGabor]

Here we go again, suspect most of the banks will be bringing in a widespread 10% cut again. Next will be RBS and Lloyds.

Time to batten down the hatches and build that war chest up! I am end of contract this month

[Mr.Whippy]

Here we go again, suspect most of the banks will be bringing in a widespread 10% cut again.

Yep...although I predict Barclays will do it next.... They're usually pretty quick off the mark with those

[Ruprect]

ClientCo have got rid of all contractors now.... except me























...

[Crack Addick]

Not personally, but several of my ex staff do. From what they have said today, they will do what any good contractor would do. Which is to accept the paycut, while they look for another role. UBS need to realise that not all contractors are born equal and those in niche skills, such Listed Derivatives are currently in demand.

UBS as a whole will probably come out ahead with their 10% cut, but in certain product areas they will make decisions that they never recover from.

[SneakySimon]

Lloyds

Lloyds already announced it - next renewal we get a 10% cut or walk.

[SimonMac]

I was approached for a gig at USB so they are still recruiting, kinda went south when I asked them would I be paid with Nazi Gold, I think they are still a bit sensitive.

[craig1]

Not personally, but several of my ex staff do. From what they have said today, they will do what any good contractor would do. Which is to accept the paycut, while they look for another role. UBS need to realise that not all contractors are born equal and those in niche skills, such Listed Derivatives are currently in demand.

UBS as a whole will probably come out ahead with their 10% cut, but in certain product areas they will make decisions that they never recover from.

You raise a very good point there. Current place I'm at is replacing high-value finance permies in London with mid-low value permies elsewhere and the handover isn't going well. There are 15 year veteran accountants handing over their work to those with only one or two years PQ experience. The HR people are happy though as the comparable all-in cost for one of the new staff is about 1/3 of a top-end accountant working in central London. Whether they'll be happy when the quality of work declines is another day's worry.

[DeludedAussie]

You raise a very good point there. Current place I'm at is replacing high-value finance permies in London with mid-low value permies elsewhere and the handover isn't going well. There are 15 year veteran accountants handing over their work to those with only one or two years PQ experience. The HR people are happy though as the comparable all-in cost for one of the new staff is about 1/3 of a top-end accountant working in central London. Whether they'll be happy when the quality of work declines is another day's worry.

I know two people at UBS and both have been told of the 10% cut

One is not accepting it and is leaving and the other has managed to get this to become effective from Oct onwards

[kingcook]

I'd be happy to take a 10% cut if they agree to me doing 90% of the work