Just got 2 weeks notice

[Doggy Styles]

Commiserations to everyone, but we're told by our man in Germany that Europe's economy is fine after all, so all should be back to normal soon.

[northernladuk]

I can't see it working at all, it bad enough with alot of the IT out sourced there. I can only assume that as well as cost cutting there is some long term strategic reason for it possibly being they wanted more head count closer to these growing markets.

Permies and contractors were all very shocked didn't see it comming.

I am sorry, they work in a bank, the euro has been on the news solid for the last 2 months let alone the problems before that and they weren't expecting a cull of sorts somewhere down the line??? WTF??

Sounds like the bank did the right thing getting rid of those that don't understand the industry and situation well enough and dish up a wake up call to everyone else.

[fullyautomatix]

I am sorry, they work in a bank, the euro has been on the news solid for the last 2 months let alone the problems before that and they weren't expecting a cull of sorts somewhere down the line??? WTF??

Sounds like the bank did the right thing getting rid of those that don't understand the industry and situation well enough and dish up a wake up call to everyone else.

That is harsh. The normal tendency is to read the doom and gloom and just pretend that all this wont have an affect on our daily lives. This thing has been going on since the credit crunch days, so what is the point in being stressed for years reading the doom news ?

[northernladuk]

That is harsh. The normal tendency is to read the doom and gloom and just pretend that all this wont have an affect on our daily lives. This thing has been going on since the credit crunch days, so what is the point in being stressed for years reading the doom news ?

Maybe so but surely working in a bank being forewarned is forearmed and if I was in a bank I would certainly have had a think about plan B or a 'what if' scenario. Surely to work in a bank under that pretence is just plain daft?? Maybe I am wrong but that how it seems to me.

[cojak]

Not to worry Rus. You're pretty 'unlucky' when it comes to stuff like this.

Last time 'they werent renewing any contractors' at Lloyds (except ten of my mates) and this time it's budget cuts.

Still, as you stated the last time you were benched, you can 'afford not to work for decades', so in that sense, you're a very lucky boy.

Says TM with the long memory

[BrilloPad]

so what is the point in being stressed for years reading the doom news ?

The longer the doom news goes on, the more it will take to get the excesses out of the system.

[cojak]

Will it be the end of contracting in the city? Banks have been trying to get rid of contractors for 20+ years but have never come close yet.

If they've invested in their permies and trained/coached them to be up-to-speed in both Project Management and technical capability then they probably won't bother with contractors again.

[Mich the Tester]

If they've invested in their permies and trained/coached them to be up-to-speed in both Project Management and technical capability then they probably won't bother with contractors again.

[Hot Mess]

I can't see it working at all, it bad enough with alot of the IT out sourced there. I can only assume that as well as cost cutting there is some long term strategic reason for it possibly being they wanted more head count closer to these growing markets.

Permies and contractors were all very shocked didn't see it comming.

Depressing as it sounds, I'm sure others have seen this elsewhere already. These types of reporting jobs are all toast in this country. The IB business model is knackered and can't afford the luxury of highly qualified staff anymore, if it can convince itself it does not need them.

Stating the obvious, but you need to continually look 12-24 months ahead and pay attention to those bank wide 're-engineering' programmes that just might affect you

[eek]

Maybe so but surely working in a bank being forewarned is forearmed and if I was in a bank I would certainly have had a think about plan B or a 'what if' scenario. Surely to work in a bank under that pretence is just plain daft?? Maybe I am wrong but that how it seems to me.

I'm sorry but I think you're talking out of your arse. Many people will be expecting things to go bad but you endeavour to escape to a safer department / project. Credit Risk Register reporting is something that most people would call a safe area because its BI which is currently done close to the end customer / user as it requires local Business knowledge that is hard to explain to outsourced resources.

If BI reporting is moving offshore I would be very concerned that the rest of the BI workflow will rapidly follow and the quality of information reported will be to the standard you expect from Captain Bob. Of course it will be years until the consequences are noticed but ho hum.