Banks and hours worked

[t0bytoo]

1) How many hours do you tend to work a day in this environment as a contractor?

7.5 to 8 seems typical.

2) If you happen to work more hours one day than you had expected, would you then work less hours another day?

It depends, I wouldn't assume it. But sometimes a manager offers. More likely not to work the extra hours unless it is discussed beforehand.

3) Do you tend to just work the hours that the permanent staff around you work?

Permies often work more. Contractors usually leave bang on time.

4) Is there some sort of unwritten etiquette about the above? I.e. a common theme accross all the main banks?

I don't know. The last job I did in a bank (in the US) was paid by the month. I asked what was expected of me for the month. The agent didn't care and the manager didn't seem to mind my taking a day off here and there.

In the last month, the manager went on sabbatical, my two permy co-workers got fired and my line manager was on sick leave for manic depression. I stopped turning up too - noone seemed to know who I was. Still got paid for the month...

[Ivor1]

Depends on the bank and the wording in your contract really.

I have heard horror stories of natwest expecting 10-11 hours a day from thier daily rate staff but don't have personal experiance so it may all be tosh.

No its true, only job Ive had that made me ill, could deal with it as a contractor as £ good, but I felt for their permy staff. Last time I was there out of 100 IT staff around 90 were contract.

[Angela_D]

1) How many hours do you tend to work a day in this environment as a contractor?

~9 hours


2) If you happen to work more hours one day than you had expected, would you then work less hours another day?

not normally, but the occasional under-hours day is okay.

Hmmm..... what if you worked 10 or 11 or 12 hours in 1 day .... would it normally be ok to balance that with fewer hours on another day ?
I'm getting the feeling an hourly rate is best at IBs.

[Ivor1]

Hmmm..... what if you worked 10 or 11 or 12 hours in 1 day .... would it normally be ok to balance that with fewer hours on another day ?
I'm getting the feeling an hourly rate is best at IBs.

I just charge extra if I did above my normal 8 hrs a day, I would bank the extra hours until I had 8hr then charge for it as an extra day or take a day off and charge for that.

[Ardesco]

Hmmm..... what if you worked 10 or 11 or 12 hours in 1 day .... would it normally be ok to balance that with fewer hours on another day ?
I'm getting the feeling an hourly rate is best at IBs.

In the Natwest example I was told about they expected 10-11 hours every day. When you work out the hours worked compared to your daily rate a decent rate turns into an average one.

[Ivor1]

In the Natwest example I was told about they expected 10-11 hours every day. When you work out the hours worked compared to your daily rate a decent rate turns into an average one.

I always charged for the extra hours at Natwest, supose it depends on the manager, been even then it was a hard gig. Bottom line you do what you have to do to meet the deadline and in my case charge for it

[Ardesco]

I always charged for the extra hours at Natwest, supose it depends on the manager.

As i said before it all depends on your contract. The clever ones get the hours expected for a standard working day written into thier contract with pro-rata overtime. The stupid ones just get XXX per day put on thier contract and get a nasty shock when they are told 11 hours are expected.

As stated before this is all from cats with people who have worked for Natwest though no firsthand experiance so it may not be 100% accurate.

[TwoWolves]

I've been contracting at investment banks for 15 years and to be honest there is no hard and fast rule.

First off it really depends on your performance. Expectations are not lunatic on the whole so if you deliver then you can work nine hours a day (one hour break inc.) and everyone will be cool. However you will be expected to put in extra hours when need drives, such as when there are emergencies and near project delivery. During quiet patches you can surf the internet and bugger-off early if people feel you put your weight behind your work at other periods.

Notwithstanding there are banks that take the piss. If they do I suggest you stand your ground and insist on compensation for this. I have on occasion charged for a six or seven day week to compensate. Doing this will maintain respect from the client, you have to be flexible but don't offer them a free lunch.

[Bovvered]

I reply according to my current role in an IB in the Square Mile:

1) How many hours do you tend to work a day in this environment as a contractor?

I am contracted on a "professional day, typically of eight hours". Sometimes I do more, sometimes I do less, though typically it is more; especially when ramping up to a release.

2) If you happen to work more hours one day than you had expected, would you then work less hours another day?

The management are quite flexible; the main priority is getting the job done.

3) Do you tend to just work the hours that the permanent staff around you work?

There is a very good team ethic here; everyone does what is required of them. People aren't generally judged on their contractual status.

4) Is there some sort of unwritten etiquette about the above? I.e. a common theme accross all the main banks?

This is only my first IB, but the majority of other contracts (mainly financial sector of some sort) I have always worked a professional days, and the attitude is much of a muchness.


As a footer, despite what some people say, "I don't want the hours, pressure, zero thanks etc" working in this particular IB is fantastic. It's rewarding, I'm learning the business every day, the quality of staff is much higher compared to other companies, everyone cares about the project. I highly recommend it.

[sasguru]

I reply according to my current role in an IB in the Square Mile:


I am contracted on a "professional day, typically of eight hours". Sometimes I do more, sometimes I do less, though typically it is more; especially when ramping up to a release.


The management are quite flexible; the main priority is getting the job done.


There is a very good team ethic here; everyone does what is required of them. People aren't generally judged on their contractual status.


This is only my first IB, but the majority of other contracts (mainly financial sector of some sort) I have always worked a professional days, and the attitude is much of a muchness.


As a footer, despite what some people say, "I don't want the hours, pressure, zero thanks etc" working in this particular IB is fantastic. It's rewarding, I'm learning the business every day, the quality of staff is much higher compared to other companies, everyone cares about the project. I highly recommend it.

And the quality of management is higher ....
To answer your question, any manager worth his salt cares only that the work is done and deadlines are met. Hours are irrelevant as long as you don't take the piss.