Rate Cuts - Banking - London

[Crack Addick]

I believe Hays were the ones leading this little initiative.

[tractor]

..

I believe Hays were the ones leading this little initiative.

Is it really the banks or is it driven by the agents increasing their margin?

[Scrag Meister]

Current IB ClientCo, who I was also with in 2008 were late to the rate cut party last time, so am waiting with bated breath.

It was 15% cut at the 6 month mark in a 12 month contract in 2008, after an 11% rise at renewal.

GL All.

Do I have the balls/stupidity to walk, I think not. Take the cut and start looking.

Is it really the banks or is it driven by the agents increasing their margin?

I think not, the banks I've been at have a fixed % contract with the agent.

[Lewis]

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

Did you get a call this morning? One of the last IBs to act has just cut 10%.

[BrilloPad]

Is it really the banks or is it driven by the agents increasing their margin?

Most agents for IBs are on a fixed margin - one of the conditions of being on the PSL.

[malvolio]

Intersting though that only banks are cutting rates for existing contractors, and by the same amount, isn't it...

[craig1]

Intersting though that only banks are cutting rates for existing contractors, and by the same amount, isn't it...

But it's not an oligopoly market, no siree, no, not at all. They're all independent banks working completely independently from each other and not sharing details between each other that allows them to shaft everyone who isn't a bank.

[russell]

Intersting though that only banks are cutting rates for existing contractors, and by the same amount, isn't it...

Collusion needs to be stamped out. All of you should walk out of your jobs now and take a stand especially those in the Glasgow area in .NET related roles.

[tarbera]

Credit Suisse

Did you get a call this morning? One of the last IBs to act has just cut 10%.

Credit Suisse 10% cuts out today I take it

[d000hg]

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

But it's not an oligopoly market, no siree, no, not at all. They're all independent banks working completely independently from each other and not sharing details between each other that allows them to shaft everyone who isn't a bank.

Or, one bank does it and the others figure they can clearly do the same and get away with it.