JP MOrgan to announce 15% rate cut

[BrilloPad]

Just had a call from a close friend - looks like JP are going to announce a 15% rate cut from 1st November. You take it from that date or you get 4 weeks notice.......

[Troll]

Having been through the same scenario back in 2003 and taken the cut, my advice would be to walk.

[moorfield]

... or take it and start looking for another gig asap

[BrilloPad]

Seems a few contractors think their agent will take more than a 15% reduction to soften the blow....

[BlasterBates]

15% cut whatever rate you're on it's going to be sh**te once that's gone through.

That is hefty.

[DimPrawn]

If history is anything to go by, the 15% cut will be followed by another and another until you're either somewhere else or working for 1/2 your normal rate.

I'd bail now.

[swamp]

... or take it and start looking for another gig asap

This is what I'd do. 85% of something is better than 100% of nothing. But I'd walk as soon as I found a better gig, and give no notice.

[TheBigYinJames]

If history is anything to go by, the 15% cut will be followed by another and another until you're either somewhere else or working for 1/2 your normal rate.

I'd bail now.

And be on a 100% cut.

[BrilloPad]

If history is anything to go by, the 15% cut will be followed by another and another until you're either somewhere else or working for 1/2 your normal rate.

I'd bail now.

Apparently during the last recession (2001-2003) JP only did a single cut - for 10%.

However, there were other banks who cut by more and kept cutting.

[DimPrawn]

And be on a 100% cut.

No, be on a new contract at your old rate. If you can't find one, it's time to retrain/go permie or retire.

HTH