Reply to: contracting at ABN Amro - Bishopsgate

[ChimpMaster]

Yeah I wouldn't worry about it Faceless. Frankly if you have the chance to get into a contract at an IB I would jump at it - there are so many contractors who would love to be in business at an IB.

You might have to work hard for a while, but the industry is very incestuous so once you're in you have a good chance of getting work in other financial institutions. The rates can be much higher than other industries.

I went to another's contractors house the other day. He'd been contracting for 12 years and obviously invested/saved well. He had the most amazing huge detached house, with the latest gadgets and sparkling new kitchen etc. He didn't have any huge debts either. He also doesn't have to work much now. I doubt he was older than 40 years in age.

Work hard and earn some good money for a while - it'll put you in good stead for the future and a time when you can afford to sit back and take it easy.

[tay]

It depends how much you want the money, work hard get paid well is the ethos.

I dont work very hard, still get paid well. Work smarter and shorter, not harder.

It may seem that I keep quoting you to have a crack... not the case... we just have very different ethos on working. Each to their own etc etc

[tay]

As for my rate. It's a secret.

Its not enough for that life.

[Lewis]

hmmm... seems to be conflicting information here then... I certainly don't fancy 9.5 hour days.

The banks seem to only quote day rates too - so you are locked into working unpaid as I see it.. kind of like a black cheque!!!

Wouldn't mind working for an hourly rate, that way I could just take more time off to balance things out...

You don't really get hourly rates at banks anymore. But like I said you should expect a 9-6 day unles you are doing out-of-hours support and in which case you should agree a special rate for this. If it turns out to be more then just leave plus say up front if you only want to work 9-6 with the odd late night as required so the know. If it helps I work in the IT department of a large IB in Canary Wharf which supports the trading floor directly. There are 100s on the floor, look around at 6:30 and the place is virtually empty. It's the same in every bank I have worked in, front/middle and back office.

[Lockhouse]

hmmm... seems to be conflicting information here then... I certainly don't fancy 9.5 hour days.

The banks seem to only quote day rates too - so you are locked into working unpaid as I see it.. kind of like a black cheque!!!

Wouldn't mind working for an hourly rate, that way I could just take more time off to balance things out...

It depends how much you want the money, work hard get paid well is the ethos. I only work a day rate too but spread over 9.5 hours it's still a good craic.

[faceless]

hmmm... seems to be conflicting information here then... I certainly don't fancy 9.5 hour days.

The banks seem to only quote day rates too - so you are locked into working unpaid as I see it.. kind of like a black cheque!!!

Wouldn't mind working for an hourly rate, that way I could just take more time off to balance things out...

well as long as it only a 9.5 hour day.. thats ok then....

[Lockhouse]

Lockhouse, what kind of rate makes it worthwhile getting in that early - I'd have to get out of bed at 5:30am to get into work by 8am!

Me too. Until two months ago that's exactly what I was doing - getting up at 05:30 every day and getting home at 19:30. I'd been doing it for 5 years (not the same client) and it was starting to affect my health. Putting the 1st class fares up by 20% was the last straw as it was the only way I was guaranteed a seat from Winchester.

I now stay in Docklands during the week and go home at weekends. The rent isn't much more than my fares were originally. I cycle to work in 25 mins. I've lost over a stone in weight and I'm much happier generally. My flat is on a complex with a gym and pool, I get back at 18:00 and go for a swim and sauna.

The kids are 17 & 20 so that's not an issue and the missus comments how pleasant I am these days. We had such a non-life during the week as I was always so tired and that affected weekends as well, so not having me around during the week is a small price to pay for much better quality of life at weekends.

I also own a largish flat a little further out in Greater London and I'm in the process of selling that and hopefully buying something in Docklands so I won't have to pay rent at all. We like Winchester too much to move up here permanently, but we also like just being able to hop on the Riverbus and get into town.

As for my rate. It's a secret.

[ChimpMaster]

Been 3 years for me at this IB, 8 hours a day. Only crap point is that they don't include the lunch hour as part of your day, so even if you work through it doesn't mean you can leave early.

Lockhouse, what kind of rate makes it worthwhile getting in that early - I'd have to get out of bed at 5:30am to get into work by 8am!

[Lockhouse]

well as long as it only a 9.5 hour day.. thats ok then....

Yep but it's the hourly rate that's important, and I 'aint complaining

[tay]

Normal hours for me are 08:00 to 17:30.

well as long as it only a 9.5 hour day.. thats ok then....

[Lockhouse]

I've been in investment banking 15 years - At the moment I'm on a trading desk. Normal hours for me are 08:00 to 17:30. Never worked longer - except for short bursts when going live.

[sli_gryn]

i presently work at an investment bank (british bank in the US) and the hours aren't longer than an 8 hour day, just occassionally have to come in early/leave late to figure out time zones.

[ratewhore]

I interviewed there. Their rates are crap so I'm at another bank right now...

[Lewis]

I've workied in investment banks for over 10 years and I've rarely worked more than 9-6. Obviously things vary team by team but they are not anywhere as bad as people make out. I was warned of very long hours by an agent once and when I got there my manager strolled in at 10:30 every day! I worked 9-6 and he never complained. But I also never agree to any out of hours support roles. You will probably be fine, if not, you can always leave.

[tay]

Whilst I don't have experience contracting with ABN, I was involved in working with them and EDS a couple of years ago. The working conditions are very good, however I cannot comment on the other areas.

I've just had an interview at another leading investment bank and they said that working hours were long, with expectations of working evenings and weekends with the possibility of having to work overnight in some cases.

The interview I had was a general one and at that point they hadn't made a decision on whether or not I was going to be offered a contract or permanent position, so I'm not sure if those hours would be expected of a contractor.

They've since called me back and offered me a contract, but at the moment I'm a bit edgy as I don't want to sign my life away. I've told the agent my concerns about the hours and he has (apparently) said he will approach them and clarify the working hours and get that put in the contract.

I would be very interested to find out if anyone has contracted at a bank, and if so, what the hours are like for a contractor.

I would run a mile... but I am a lazy sod who only likes ot work 7 hours a day and head home at 4pm. I am actually very impressed they were so upfront about, kudos to them! They know they have a tulipe work life balance, and they expect that from you... if you dont mind that, go for it. A lot better situation than turning up and then finding out.....

Personally I think life is to short for that sort of shananigans (sic) ... thats why I stick with financial services... still very good money (not as good as IB).. but with normal hours and attitudes.

Perversely enough I ahve heard that 'new media' companies also expect longish hours.... and they pay rubbish... but you get to wear shorts and sandals to work Personally I dont work anywhere with wooden floors.