Reply to: Barclays Cut Rates Again

[NorthWestPerm2Contr]

Looks like I will be affected as well. 10 day break has been forced and renewal seems likely to be off. Bunch of nutters they are. Starting to look for a new role now.

[BolshieBastard]

This is the reason I always reject roles with any of the barclays group of companies. Signed a new contract back in 2001 and 4 weeks later they handed out 20% rate cuts take it or leave. Told them were to **** off and made sure any accounts I had with barclays were closed and asked all my relatives who banked with them to do the same.

Bunch of odious c

[nomadd]

Yep the 10 day rule is still being enforced but I'm happy to go off piste over Christmas. I would've requested two weeks probably myself anyway.

I work for another IB, not BarCap, and that 10 day rule during the final quarter has been in for a couple of years now. It matches what they do with Traders - enforced holidays. Supposed to stop them "covering their losses" by being in the office all the time, all year round; Traders also have a mandatory 10 days in the first half of the year as well.

In other words, this isn't just an anti-I.T.-contractor thing. It applies across many Dept/people in IBs these days.

Still, as another posted pointed out, 10 days enforced holiday during the year is hardly a hassle to get worked up over.

[Mephisto]

Yep the 10 day rule is still being enforced but I'm happy to go off piste over Christmas. I would've requested two weeks probably myself anyway.

[northernladuk]

He who dares, Rodders. Are they also trying on this ten days holiday lark?

From 5 December, BarCap (and Barclays Wealth) will cut rates by 10% and demand that all contractors take 10 days holiday before the end of the year. We understand that the rate cuts are not across the board, but will still apply to some 60-70% of all IT contractors in the organisation

Seems contractors don't take holidays this bit is irrelevant then LOL. Like to be around when someone raises that to the client

[Hot Mess]

Stood ground, rate not cut! Happy days!

Oh and boomed til March

He who dares, Rodders. Are they also trying on this ten days holiday lark?

From 5 December, BarCap (and Barclays Wealth) will cut rates by 10% and demand that all contractors take 10 days holiday before the end of the year. We understand that the rate cuts are not across the board, but will still apply to some 60-70% of all IT contractors in the organisation

Why BarCap's contractor rate cuts will produce a domino effect | News | www.eFinancialCareers.co.uk

[nomadd]

Stood ground, rate not cut! Happy days!

Oh and boomed til March

Good man. Congrats.

[Mephisto]

Stood ground, rate not cut! Happy days!

Oh and boomed til March

[Epiphone]

If you're good enough you should be able to get another role.

I'm not. Oh.

[nomadd]

What he said. I've had rate cuts thrown at me twice. Knocked them back twice. Once, client co phoned two days after I left wondering where I was ?!!? and brought me straight back in at the original rate. Second time I had a gig three days later.

If you let them do it once, they'll do it again.

This^

Had Barclays try it on twice. Threatened to walk twice. Contract immediately renewed on both occasions at the same rate. Still, you have to admire their nerve at cutting contractor rates when they only make billions in profits - still.

[Scrag Meister]

Being good enough doesn't really help if there are no open roles around in your field. For most people 90% of something is way better than 100% of fook all.

WWS

[TestMangler]

Only accepted a rate cut once back in 2007, will never do so again. If the client wants to keep you won't get a cut.

If your boss / business manager manages by spreadsheet, i.e. is not up to the job, then it can be rate cuts all round. If that's the case then time to go

If you're good enough you should be able to get another role. If you're not then you shouldn't complain about the cut

What he said. I've had rate cuts thrown at me twice. Knocked them back twice. Once, client co phoned two days after I left wondering where I was ?!!? and brought me straight back in at the original rate. Second time I had a gig three days later.

If you let them do it once, they'll do it again.

[Mr.Whippy]

If you're good enough you should be able to get another role.

Being good enough doesn't really help if there are no open roles around in your field. For most people 90% of something is way better than 100% of fook all.

[Wanderer]

Barclays Capital cuts IT contractor rates by 10% ... again ? The Register

Never, ever accept that these cuts are "across the board". Always come out and negotiate with them. If they won't budge then it's time to have a look and see if there are better jobs out there. If there are then take one. If not then it's time to shut up and get on with it.

[Hot Mess]

Only accepted a rate cut once back in 2007, will never do so again. If the client wants to keep you won't get a cut.

If your boss / business manager manages by spreadsheet, i.e. is not up to the job, then it can be rate cuts all round. If that's the case then time to go

If you're good enough you should be able to get another role. If you're not then you shouldn't complain about the cut