BNP Paribas - 15% rate cut

[SneakySimon]

Lloyds

Here at Lloyds they announced around 4 months ago, all contractors on next renewal would get a 10% cut.

All the renewers in the first couple of months got the 10% cut. Then people coming up to renewal started finding other roles and leaving. Suddenly the department is short on resource and guess what - the contractors getting renewals now are either getting a smaller 5% cut or no cut at all.

Its all about supply and demand - currently banks can do the reductions and not get too many "I will walk".

[ChimpMaster]

Source is ME. Agent called this morning.

All the other guys are getting their calls too.

Which department / office do you work in? ITPS/BP2S/Moorgate etc?

[TestMangler]

Here at Lloyds they announced around 4 months ago, all contractors on next renewal would get a 10% cut.

All the renewers in the first couple of months got the 10% cut. Then people coming up to renewal started finding other roles and leaving. Suddenly the department is short on resource and guess what - the contractors getting renewals now are either getting a smaller 5% cut or no cut at all.

Its all about supply and demand - currently banks can do the reductions and not get too many "I will walk".

I've got a stack of mates at Lloyds (in the old Halifax buildings) who got put on notice at the end of customer data migration. All but one of them left and are back in now at higher rates (after something like a two week break) as the next big gravy train pulls in to Lloyds central

I've spent a lot of time at HBOS/Lloyds over the last ten years (in and out like a fiddlers elbow) and I've lost count of the 'cut at next renewal & no contractors will be kept past current contract' conversations I've been involved in with them. Never happens though, or at least, not to me

[nomadd]

I can understand them cutting rates as all the other banks have but why go one better? 15% as opposed to 10%.

Hoping Italy goes bust so these c***s go under!

I hope they do go under too. Hated - despised - them, actually. Felt like the longest contract of my life, even though it was only 6 months.

[russell]

I hope they do go under too. Hated - despised - them, actually. Felt like the longest contract of my life, even though it was only 6 months.

WHS, full of complete tossers.

[oliverson]

Which department / office do you work in? ITPS/BP2S/Moorgate etc?

Marylebone

[ChimpMaster]

Marylebone

Same as last time then. The other offices were minimally impacted whilst Marylebone took the brunt of the rate cuts.

[nomadd]

Same as last time then. The other offices were minimally impacted whilst Marylebone took the brunt of the rate cuts.

Yeah, that's where I worked. IT folks were packed in tighter than sardines. Dreadful working conditions. HR Dept., on the other hand, had enough space between desks to play a football match. Go figure.

[Scrag Meister]

Marylebone

I was interviewed there when I was looking for my first contract back in 2007. They were soooooo slow and had so many interviews, I was waiting for a 4th interview to be arranged and got an offer from somewhere else so took that seeing as I had been benched between perm and contract for 3 months.

Back on topic, Clientco in 2008 gave me a 12% raise at extension and a 15% reduction 6 months later, in a 12 month contract!!!!

Am curious as to how I would react if they came again looking to cut my rate, seeing as I now have a 12-18 month warchest. But then again the accept and start looking approach is probably my favoured route.

[Jeebo72]

I hope they do go under too. Hated - despised - them, actually. Felt like the longest contract of my life, even though it was only 6 months.

Me too.