10% rate cuts in Investment Banks

[sammywammy]

This will leave my rate particularly low (which previously, I already thought was fairly low for a City contractor job). Considering the number of rate cuts in the past few years, are some people ending up with rates that just aren't that interesting any longer?

[AtW]

90% of your rate is much better than 0.

[sbakoola]

I am on a rate that is 12% less than a rate I was getting in 2004-05, it sucks. What am I doing wrong ?

It was a high rate back in those good old days.

[BlasterBates]

It's tough out there. The banking sector is no longer a golden goose, the rates are normalising. The problem is the banks aren't as profitable as they were. Just keep looking and jump ship if you find something better. Worth getting skills that are more in demand.

[Lockhouse]

I'm earning 20% less than I was four years ago. I've had one ten percent cut here, if I get another I am definitely jumping ship as I can do just as well in other industries and do far less hours.

[TheFaQQer]

There's not been a 10% cut in the number of threads about getting a 10% cut, though

[doodab]

On the plus side rates outside of the city seem to have bottomed out and seem to be holding steady or edging upwards.

[russell]

Tell them you are also changing the terms of the contract midway through and a working day now consist of 4 hours. Whats good for the goose...

[AtW]

I am earning infinitely more now than few years ago.

HTH

[d000hg]

90% of your rate is much better than 0.

AtW you run a proper business, you should realise it's about profit not revenue.

Tell them you are also changing the terms of the contract midway through and a working day now consist of 4 hours. Whats good for the goose...

As long as you also tell them they have the option to terminate the contract if they don't agree, then there's nothing wrong with doing exactly this. But they rely on needing you less than you need them.