JP Morgan announces 10% rate cut

[Jeebo72]

OK its official, just got the email from the agent!!!

Hardball like a contractor or bend over and take it like a sensible person?

"share the pain" ... once had a direct contract in 2008 where the company suggested I take a cut ... perhaps this should be your angle.

[BrilloPad]

Interesting to see no one saying, f'em and leave.

My friend at JP is. He took a 15% cut in Dec 2008. Days later he got a month notice! So he lost 15% of last months' wages!

[d000hg]

Interesting to see no one saying, f'em and leave.

Russell will be along shortly.

[russell]

Russell will be along shortly.

Given it's across all banks you have to swallow it, but I would be reducing my output by the % of the cut.

[d000hg]

Given it's across all banks you have to swallow it, but I would be reducing my output by the % of the cut.

I would say no and stick to my guns, if you are any good they will back down. They are probably calculating 75% will take it and that is enough to pay for one of the executive's bonus Ferrari.

You don't seem very sure of your own mind.

[russell]

You don't seem very sure of your own mind.

"Given it's across all banks..."

You can't seem to read.

[BoredBloke]

I had the email this morning also from Comsys, the agency I had to use as I was direct also. It's for all contractors - OK if you are vital you could probably fight it. From my point of view, my costs mean that I only earn of 4 days of the week as day 1 pays for the expenses of being down here. So a 10% means that I'll only be earning for 3.5 days of the week. On my rate, I'd be as well off on a £300 a day role up north as I am on this.

I'll be taking the cut but will use the 90% of my day rate to bide my time while I look for something different as it's better than 100% of nothing.

[Jeebo72]

I had the email this morning also from Comsys, the agency I had to use as I was direct also. It's for all contractors - OK if you are vital you could probably fight it. From my point of view, my costs mean that I only earn of 4 days of the week as day 1 pays for the expenses of being down here. So a 10% means that I'll only be earning for 3.5 days of the week. On my rate, I'd be as well off on a £300 a day role up north as I am on this.

I'll be taking the cut but will use the 90% of my day rate to bide my time while I look for something different as it's better than 100% of nothing.

That's the problem, everyone is taking it. So they'll keep pushing it. Got a call about RBS 2/3 weeks ago saying they've got a role, but there's a maximum £450 a day. Some will take that. Quite happily. And so the downward spiral continues. All you "business owners / directors" who've got used to the 6 figure salary will have to get used to 50k a year ... the job you are really doing.

[d000hg]

"Given it's across all banks..."

You can't seem to read.

Not even slightly convincing. Please stop trolling the serious forums; I'm sure you were slapped down for it in the past.

[russell]

Russell will be along shortly.

You don't seem very sure of your own mind.

Not even slightly convincing. Please stop trolling the serious forums; I'm sure you were slapped down for it in the past.

Pot, kettle etc.