Barclays rate cut?

[administrator]

Anyone here at Barclays able to confirm this?
Barclays hits tech contract staff with 10% pay cut | Job news & advice | eFinancialCareers

[TheFaQQer]

If the memo required confirmation by 1st February, to take effect on February 25th, you'd have thought someone on here would have mentioned it.

[BlasterBates]

It wouldn´t surprise me, the contractor market, particularly in banking is very tough with low rates on offer. I think it´s probably true.

[administrator]

If the memo required confirmation by 1st February, to take effect on February 25th, you'd have thought someone on here would have mentioned it.

That's what I though. Not seen any sign of anyone on here talking about it.

It wouldn´t surprise me, the contractor market, particularly in banking is very tough with low rates on offer. I think it´s probably true.

Definitely been a pattern over the last year or so, at one point it was being discussed that the banks might be colluding to reduce rates across the sector. Not sure this is true though as we do tend to hear about it on here when cuts are in the offing so just trying to get a clue before I ping the story off to the journo here.

[BolshieBastard]

People know the score with barcrap, they are always cutting contractor rates and one reason why I dont look at any of their contracts any more. I think anyone working there would be quite used to it (take it or leave it rate cuts) by now.

But, I suspect the big issue is that the date for this has been and gone. I know 4 contractors who have started at barcrap since the beginning of March. So, they either took roles of others who refused the cut and walked or, they were taken on a lower rates than previously offered.

[GB9]

This must be about the 5th time they have cut rates. DO they go back up in between cuts or are all Barc contractors on £200/day now. Do they not realise that if people are having to travel to them and pay for accommmodation, at some point it will become infeasible to work for them and they will just get all the crap?

[redgiant]

Most of the Barclays (Barcap, Retail and Wealth) rates I've had calls about recently have been set at around the market rate at least in the PM & PMO areas.

With all the rate reductions over the years it must encourage contractors to leave and come back in again on a new contract later on ... otherwise they need their heads examined to accept that much rate deflation.

[BolshieBastard]

This must be about the 5th time they have cut rates. DO they go back up in between cuts or are all Barc contractors on £200/day now. Do they not realise that if people are having to travel to them and pay for accommmodation, at some point it will become infeasible to work for them and they will just get all the crap?

They'll just get more bobs in who think 100 a day is a king's ranson.

IME, they can cut rates by 10 - 15% and re advertise roles at 5% above the base so have still saved 5 - 10% of the original rate.

It's a crazy strategy though because many people will start avoiding them. I suspect their liking for no early termination clauses in their contracts is an indirect acknowledgement to this ie we know we're tulip but once you're in and you find out how tulip we are, you're in for the duration or until we do a cull.@

[northernladuk]

I think Barclays 10% cuts are so commonplace no one bothers to mention it anymore. Can set your watch by them now.

[ronanm]

I've been at Barcap a good while and have never had a rate cut. There was one introduced a while back but I got an exemption. Didn't hear about this one either..