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State of the current London IT Contract Market?

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    #21
    IB's ripping contractors

    The market is dead, loads of fake jobserve roles and rate cuts- stay where you are, most agents are behaving very badly at the moment.

    Can someone answer me a question:- When you negotiate a role and sign a contract that specifies the price/day etc. Is the client in breach if he
    insists on a rate drop? Surely they must pay the agreed price, when did you last agree to pay for something then go back 3months later and ask for a discount?

    Why don't all contractors grow some balls, get together and walk out?

    I have been in the trading world for a long time and I know the traders wouldn't take a drop of 10% they'd tell you to f!!k off.

    The other weird thing is that the banks will still show big profits next quarter and take bonuses accordingly, is this just a case of lets rip the IT nerds
    for a few quid and have a laugh at them?

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      #22
      We play long.
      "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
      - Voltaire/Benjamin Franklin/Anne Frank...

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        #23
        I'm getting ready to jump IB contract Feb/Mar when all the disruntled leave

        I'm getting ready to jump IB contract Feb/Mar when all the disruntled leave their positions, I myself am a disgruntled contractor at the moment.

        Wait until that time, I think there will be lots of movement.

        Watch out for I.T teams in banking fattening up their teams numbers just before the axe is about to fall, this is a well known technique that PMs use to keep their essential core staff. Be wary of IBs that have NOT had any major staff cuts yet.

        And yes as suggested earlier I would also advise you to not go to a bank that has NOT had a rate cut yet.

        Also check out what the contract is ... if a PM is selling you a role that is 60% C# and 40% Excel VBA it could actually be 5% C# and 95% Excel VBA and what can you do abou it once he tricks you into that role ......????!??? ask loads of questions about actual day to day work, if you smell a rat, its just not worth it in the long run if you are getting deskilled in your most valuable skills.
        Last edited by sbakoola; 6 December 2011, 08:35.

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          #24
          Originally posted by traderpete View Post
          Can someone answer me a question:- When you negotiate a role and sign a contract that specifies the price/day etc. Is the client in breach if he
          insists on a rate drop? Surely they must pay the agreed price, when did you last agree to pay for something then go back 3months later and ask for a discount?
          What they do is terminate your current contract and ask that you sign a new one at a reduced rate which you may or may not accept.

          Originally posted by traderpete View Post
          Why don't all contractors grow some balls, get together and walk out?
          I've stood up to clients when they try to cut rates (it's often the agency or HR/procurement who are driving this, not your direct report at the client). Stand up to them and sometimes they back down.

          But I think you have just answered your own question below:

          Originally posted by traderpete View Post
          The market is dead, loads of fake jobserve roles and rate cuts- stay where you are, most agents are behaving very badly at the moment.
          Free advice and opinions - refunds are available if you are not 100% satisfied.

          Comment


            #25
            Originally posted by Weegee View Post
            Mmm this is what I was suspecting!!

            My perm job could be under threat of redundancy.

            So it might be an idea to get another perm job just for a year or until the contract market really recovers.
            Why not hang around for redundancy?
            Originally posted by Stevie Wonder Boy
            I can't see any way to do it can you please advise?

            I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

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              #26
              Looks like BAML have finally followed suit with a 10% cut:

              The seemingly outrageous pre- Christmas email allegedly sent ... | Job news & advice | eFinancialCareers

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                #27
                seems GS has joined the cuts party as well

                looking at what I know......recently IT roles have either stayed flat or have grown gradually.....this is according to a couple of reports and monitoring of job indexes.

                however i cannot comment on fake roles being available as that is an undetectable variable.

                Banks are looking more for digital/creative IT to help boost profiles. Social media, internet banking and so forth, but the pay doing this is reportedly muscling out IT in other sectors.

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                  #28
                  Market seems pretty dire at the mo. Have 7 years SQL Server experience (SSIS, SSAS, SSRS) and even after applying for basic roles I don't get any response. In 4 weeks I have only had 2 legitimate roles offered, everything else has been agents fishing.

                  Maybe this is normal, since I am new to contracting? I may have to start chasing up roles on the phone after submitting my CV, just didn't think there would be that much competition for BI roles. Usually if I don't get a response after emailing my CV I assume the role was fake (especially since I see the same roles popping up after I have applied and my CV clearly covers all bases).

                  Maybe agents are getting flooded with CVs for these few roles that there are.

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                    #29
                    This is normal right now - there is very little out there. Before last summer I was offered an Access VBA role at Credit for 650. Yes 650 for doing a kiddie job. Now, I can't get any job at all. Even after passing several interviews And being offered the role, I still can't get the damn job. Ffs.

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                      #30
                      Is it just the London banking market that is quiet?
                      Cats are evil.

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