Banks cutting contractor rate again

[JoJoGabor]

IBM have announced they are cutting their rates by 10%, if the role is via IBM, are you sure it isn't just an IBM cut?

[Alf W]

I have heard that Deutsche Bank and Barclays are cutting contractor rates another 10% this year. Anyone else hear this?

Nope! Evidence?

[stevejohnson]

seen a banking contract on 400 GBP... is this kinda low for the Manchester area ?

[Alf W]

Depends if you live in the Manchester area or not. Banking Contracts in Manchester are usually Coop. Barclays ones are in Cheshire.

[portseven]

Depends if you live in the Manchester area or not. Banking Contracts in Manchester are usually Coop. Barclays ones are in Cheshire.

Or Lloyds

[Notascooby]

Last night I sent off an email to the agent to try and claw back 6.5% of last years's 10% cut.

Once again they are doing the terminate before Christmas and re-instate on the 5th Jan. Agent OOO today so I await the call on Monday but a significant responsibility increase seems like a valid justification to back it up.

[BlasterBates]

They just done a mass layoff of contractors at the bank I work in, the IT budget got cut by half a billion. The biggest cut ever. I suspect that other banks will be doing something similar, so I wouldn´t hold out much hope of a rate rise.

[Notascooby]

They just done a mass layoff of contractors at the bank I work in, the IT budget got cut by half a billion. The biggest cut ever. I suspect that other banks will be doing something similar, so I wouldn´t hold out much hope of a rate rise.

I don't think it will happen but with a 10% reduction on my rate it puts it at a less than round number. Whilst I shouldn't worry about such things, I can't help feeling that those people starting post -10% will be at least on the next round number up (I could be wrong and they could be lower). I've now taken on the role of being the lead responsible for the newer starts so this has started to play on my mind a little.

Also its been a year, time to push back a little now that there's this culture of stopping and starting contracts at will.

[Butcheroo]

Banks cutting contractor rate again

Bank of England are certainly not worrying about their rates. I was just offered a kings ransom to work there

Turned it down though as journey was pants. Start a work from home one for slightly less on Monday.

[ChimpMaster]

Bank of England are certainly not worrying about their rates. I was just offered a kings ransom to work there

Turned it down though as journey was pants. Start a work from home one for slightly less on Monday.

BoE are one of the worst payers in the City - for permie and contract roles. For example, when I was consulting at another bank at > £600, BoE were offering out a similar role for just £400 - £450. Same role but permie was £45k... for working in the City I think not, thanks but no thanks.