Large Scottish bank

[Pogle]

And don't believe the flat rate 10% cut for all contractors.
My experience of a similar situation was that the cut did not apply to ALL contractors....

[Pity the fool]

Letter sent to everyone that contracts via pimp. Some 800 people i'm led to believe.

[SussexSeagull]

I would now be tempted to knock 10% off any daily rate offered by the bank and treat the full whack as a bonus while it lasts (not that by the sound of it there is much recruitment in that field at the moment).

[BlasterBates]

It's fairly normal for the bank to apply a 10% cut to everyone, take it or leave it, and the next step will be to cut the head count. It's not worth their while just snip a bit here and there.

[TykeMerc]

It's fairly normal for the bank to apply a 10% cut to everyone, take it or leave it, and the next step will be to cut the head count. It's not worth their while just snip a bit here and there.

Then in a while when their projects are failing to hit milestones because the good contractors who can get new roles have bailed they will be hiring again. Typical hiring and firing sine wave.

[v8gaz]

It's fairly normal for the bank to apply a 10% cut to everyone, take it or leave it, and the next step will be to cut the head count. It's not worth their while just snip a bit here and there.

That would be the sensible approach. Unfortunately they did the 10% of contractors cull last month, so now they are short staffed, so if anyone says no to the 10%, I suspect they may be a little more sympathetic (or their projects are stuffed )

If you feel lucky, brave it out. They did this 10 years ago and everyone stood their ground. Almost nobody left.

[Bluenose]

That would be the sensible approach. Unfortunately they did the 10% of contractors cull last month, so now they are short staffed, so if anyone says no to the 10%, I suspect they may be a little more sympathetic (or their projects are stuffed )

If you feel lucky, brave it out. They did this 10 years ago and everyone stood their ground. Almost nobody left.

I have called their bluff. I refused their offer on Thursday and won't be going back in on Tuesday until the matter is resolved one way or t'other.

Timing and wording was a bit off this time, morning before easter when everyone is about to go on holiday and give them 5 working days to accept or walk, it's not just all about the money, it sends a message: 'We don't want you here'. I don't know about others but it's ruined my holiday weekend.

[ascender]

I have called their bluff. I refused their offer on Thursday and won't be going back in on Tuesday until the matter is resolved one way or t'other.

Timing and wording was a bit off this time, morning before easter when everyone is about to go on holiday and give them 5 working days to accept or walk, it's not just all about the money, it sends a message: 'We don't want you here'. I don't know about others but it's ruined my holiday weekend.

Same here. The wording of the email was very poorly thought out and obviously the timing was to save them even more money.

The area I am in is already short staffed after the previous two culls and if they lose any more contractors in our particular team they're going to be left with a very inexperienced team of junior perm staff.

[BlasterBates]

The banking sector doesn't look good.

Top 13 investment banks’ profitability comes under fire - FT.com

Goldman Sachs Q1 results were not gr8 and I imagine the Q1 results of the large Scottish bank will not be gr8 either.

In other words they're not doing it because they want to be even more profitable than they were, they're doing it because they have to.

Hedge funds and smaller banks are in better shape.

[Pity the fool]

I too have turned it down. Even if they turn around and say they want me stay @ same rate, im out.