Banks cutting contractor rate again

[Nuck]

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

[northernladuk]

Really!! LOL. It's like de ja vue. They cut the 10% almost exactly this time when I was there and by Decemeber they walked 600+ contractors for a couple of months. When the roles (rather predictably) opened back up a few months later they were £100+ less a day.

[ChimpMaster]

Really!! LOL. It's like de ja vue. They cut the 10% almost exactly this time when I was there and by Decemeber they walked 600+ contractors for a couple of months. When the roles (rather predictably) opened back up a few months later they were £100+ less a day.

When I was consulting in the City over the past 6 or 7 years, average rates were probably in the region of £500 - £650, or at least that's what I saw.

After all the cuts and over-supply of Bobs, I can't imagine that rates are anywhere near that any more?


As an aside, I recently got offerred a project up at Bradford & Bingley at £300 - £350 a day. I was going to reply to the agent with a detailed explanation of why I wouldn't even get out of bed for that rate, unless perhaps it was on my doorstep (a few miles West of London). In the end I didn't even bother replying. Seriously though, after travel/hotel/food costs etc I wouldn't walk away with more than £250 a day - which I know is OK money for some, but not for me if I have to stay away from family all week.

Maybe rates are falling across the board, unless of course you are specialised or in a priviledged position

[Dallas]

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

Depends which area/cost centre you are in. Some slashing some forcing days off.
Its that time of year - nothing new here, couple of other top 5's doing the same.

[d000hg]

You just need to make sure your rate was good enough to cover this... move every year to a different bank, take the cut and then join another bank shortly afterwards.

[northernladuk]

When I was consulting in the City over the past 6 or 7 years, average rates were probably in the region of £500 - £650, or at least that's what I saw.

After all the cuts and over-supply of Bobs, I can't imagine that rates are anywhere near that any more?


As an aside, I recently got offerred a project up at Bradford & Bingley at £300 - £350 a day. I was going to reply to the agent with a detailed explanation of why I wouldn't even get out of bed for that rate, unless perhaps it was on my doorstep (a few miles West of London). In the end I didn't even bother replying. Seriously though, after travel/hotel/food costs etc I wouldn't walk away with more than £250 a day - which I know is OK money for some, but not for me if I have to stay away from family all week.

Maybe rates are falling across the board, unless of course you are specialised or in a priviledged position

Should have mentioned I was in Radbrook in Cheshire, not the city. They asked me to come back on £250 a day so you haven't done too badly for £300-£350 in the NW on the scale of things lol.

[GB9]

When I was consulting in the City over the past 6 or 7 years, average rates were probably in the region of £500 - £650, or at least that's what I saw.

After all the cuts and over-supply of Bobs, I can't imagine that rates are anywhere near that any more?


As an aside, I recently got offerred a project up at Bradford & Bingley at £300 - £350 a day.

What was the B&B position? I finished there earlier in the year and was on nearer £600 which was good as not far from home.

What I do find amusing is when I get called by agencies for London jobs at £400/day, expecting the rate to be ok because I live in the North and everything is cheaper. Well not where I am. But as you say, by the time you take into account travel and expenses there isn't a lot left and certainly not worth working away for.

[GB9]

Back on topic, there is plenty of work out there. At the moment if I were offered a cut I would walk.

[ChimpMaster]

What was the B&B position? I finished there earlier in the year and was on nearer £600 which was good as not far from home.

What I do find amusing is when I get called by agencies for London jobs at £400/day, expecting the rate to be ok because I live in the North and everything is cheaper. Well not where I am. But as you say, by the time you take into account travel and expenses there isn't a lot left and certainly not worth working away for.

It was a technical integration dev role. £600 is more realistic, perhaps even down to £500 (not that I would go there for less than £600 though). Perhaps your role was higher up the food chain?

I think the role was through IBM, so another layer of commission on top of the agency cut.

[GB9]

It was a technical integration dev role. £600 is more realistic, perhaps even down to £500 (not that I would go there for less than £600 though). Perhaps your role was higher up the food chain?

I think the role was through IBM, so another layer of commission on top of the agency cut.

I was quite high up the food chain but then its all relative. I'm getting paid the same in my current role but much further down the chain. I was oversold this and as the rate is ok I believed them. Turns out that my definition of 'Big' and theirs is somewhat different. Hey ho.

IBM were supposed to be on their way out of B&B as HCL got the gig, but last I heard the handover was going to take a year longer than forecast.