JP Morgan announces 10% rate cut

[prozak]

I was just told at my current role they are implementing a maximum rate for contractors.

So for me this means a slight cut when I renew.

Everyone is putting the squeeze on I think.

[northernladuk]

I was just told at my current role they are implementing a maximum rate for contractors.

So for me this means a slight cut when I renew.

Everyone is putting the squeeze on I think.

You don't say.

[darrenb]

Problem I have seen with current client co is that they don't seem to be using contractors sensibly, they seem to place them on important strategic projects, that allows them to build up so much local knowledge that when the contractors eventually moved on often because of their own policies (10% cut take it or leave, 2year rule, etc) It takes months for the gap to be truly filled.

I am now lead architect on a number of critical projects, and they are asking me to take the 10% cut, if I walk, life will go on, but its not exactly the road to a smooth project.

The smart thing for the banks to do would be to terminate the contractors who accept the cut and offer raises to the ones who say f'em. In fact, I wouldn't be surprised if this is the way it works out in the long run.

[ChimpMaster]

I've been put forward for two roles (both IB) paying £100 more per day than my current rate.
I would say my current rate is just below 'average'; I really think it comes down to your skill set and the importance of project you are working on.

I would say that average City rate is in the region of £550 to £600, or so it appears from the guys I know there.

[BolshieBastard]

Aye - Have one interview lined up for another bank next week, and my CV has passed agent stage onto clients at 3 others in the past 2 days. All at rates same or better than me pre-10% cut rate with current one.

That may be so but you'll only know if you achieve a rate better than your current one when \ if any of the 3 other clients actually make an offer if, you are successful.

[d000hg]

I would say that average City rate is in the region of £550 to £600, or so it appears from the guys I know there.

Wouldn't say that was an average, but lots in that range... maybe it's the mode rather than the mean.

[northernspy]

apparently a senior manager today has said 'we have treated contractors badly' and 'we made a mistake'

whether that turns into actions is another thing...

[BoredBloke]

Wouldn't say that was an average, but lots in that range... maybe it's the mode rather than the mean.

That's certainly a lot more than I get and after the rate cut, I'll be seeing £78 a day more working down here than I could reasonably expect to earn on a commutable job. Given the expnse of being away from home from Monday to Friday, the hassle of commuting (4am monday starts) etc, £78 does not pay its way. For that reason I'm on the lookout for something different. Unfortunately at this time of the year it's hard to find anything, but hopefully in the new year there might be a few openeings.

[jmo21]

apparently a senior manager today has said 'we have treated contractors badly' and 'we made a mistake'

whether that turns into actions is another thing...

interesting first post....

[ChimpMaster]

apparently a senior manager today has said 'we have treated contractors badly' and 'we made a mistake'

whether that turns into actions is another thing...

Probably Chinese whispers. You really think they care how they treat contractors? They don't even care about their own kind!