Maximum period as a contractor in an Investment Bank?

[sammywammy]

I used to be a permanent employee at an Investment Bank before becoming a contractor at a competitor. As I was involved somewhat in the running of the team, I was aware of the status of the contractors (including their rates, although I probably shouldn't have found that out ) and realised that past a certain period (2 years, if I remember correctly), any renewal of the contract was flagged and had to be approved by senior management.
This didn't seem to prevent some people from staying on as contractors for 10-15 years.

I was however wondering what the "policy" is for most banks? Is it correct that past a certain period, contract renewals will become more difficult although not necessarily impossible as mentioned.

[Moscow Mule]

There have been some cases in America of contractors claiming employment rights after a couple of years, so some of the American parented banks are getting a bit jittery.

My lot seem to be ok with longer term stints though.

[aussielong]

2 years does seem to be the point at which they will start trying to get you to go permie.

You're right though, i've worked with contractors that have been in the same bank for 20 years - mainframe guys.

If your skills are niche, as opposed to you just being smart but replaceable, you should not have to fold.

[Paddy]

At JPM, I worked with a contractor who had been there for ten years.

[minestrone]

3 years in the IBs I have been at but the one I am currently with has forced that down to 1 year for no other reason than to wean the place out of being dependant on long term contractors. It will be back up to 3 years when they lose a few good people.

[BrilloPad]

At JPM, I worked with a contractor who had been there for ten years.

JPM has 3 rules - 2y, 3y & 10y. NO-ONE gets over 10y.

[nomadd]

I used to be a permanent employee at an Investment Bank before becoming a contractor at a competitor. As I was involved somewhat in the running of the team, I was aware of the status of the contractors (including their rates, although I probably shouldn't have found that out ) and realised that past a certain period (2 years, if I remember correctly), any renewal of the contract was flagged and had to be approved by senior management.
This didn't seem to prevent some people from staying on as contractors for 10-15 years.

I was however wondering what the "policy" is for most banks? Is it correct that past a certain period, contract renewals will become more difficult although not necessarily impossible as mentioned.

Back in the 90's, I did one stint with an IB for 4.5 years. Finally left when the project work ran out. There were no rules about duration in those days.

My last three clients recently have been IBs, with 1, 2 and 2 year rules respectively.

[minestrone]

JPM has 3 rules - 2y, 3y & 10y. NO-ONE gets over 10y.

*cough* 1 year *cough*.

[Andy2]

lloyds has a policy of 10% rate cut after first 6 months, not sure if they keep on cutting rates every 6 months