Rate Cuts - Banking - London

[SneakySimon]

Round 2?!?!??!

BARCAP - 10% rate reduction across the board from the 5th of December
15% rate cut at BNP Paribas.
RBS GBM 10% Cut
RBS GTS 10% Cut a month later than GBM
Citibank 10% Cut
UBS 10% Cut
Lloydes 10% cut

anyone who I have missed???

We now will have the 2/3 week imposed breaks at xmas + round 2 in Feb

A round 2?!?!

[northernladuk]

A round 2?!?!

Barclays imposed a rate cut of 10% 2 years ago and 4 months later walked every contractor off site around end Nov/Dec time. 800+ of them. Granted they floodgates opened back up a few months later but at shocking rates.

If you get 10% and that is the end of it you have done pretty well IMO.

[psychocandy]

If it was me they'd get more than 10% less work from me. And as soon as I got something better I'd be gone.

Of course, in todays climate not always possible and trouble is they know it.

[nomadd]

BARCAP - 10% rate reduction across the board from the 5th of December
15% rate cut at BNP Paribas.
RBS GBM 10% Cut
RBS GTS 10% Cut a month later than GBM
Citibank 10% Cut
UBS 10% Cut
Lloydes 10% cut

Not on that list, thankfully. No rate cuts here for any contractors. And no, I'm not saying which IB.

[MrRobin]

All the rate cards have been slashed by 25% + so can no longer hire at old rates either, a 400/Day BA is now a 280max

£280/day BAs... well that's bound to attract the quality the banks need to overhaul their businesses!

[northernladuk]

If it was me they'd get more than 10% less work from me. And as soon as I got something better I'd be gone.

Of course, in todays climate not always possible and trouble is they know it.

Everyone on the account beat their chests and said this. When it came to it I know of only 1 person that left to back to an old client anyway.

[SneakySimon]

Rate Cut

Dammit, im going to call my union and strike.......

I guess we are an easy target and not many contractors will say no. Rather 10% reduction than a 100% reduction.

[kaiser78]

They will welcome you in, sit you down and advise of the 10% rate reduction

Better than sitting you down and advising that your contract is being terminated however.

[jonathanOnshore2010]

They will welcome you in, sit you down and advise of the 10% rate reduction

Exactly that happened to me at Barcap. Agent says the rate is lower as it accounts for "future rate cuts". 6 weeks in, they cut it again.

[Notascooby]

Are these all through Hyphen or is there a bit of - "lets do what they're doing"?