Reply to: Banks and hours worked

[realityhack]

1) How many hours do you tend to work a day in this environment as a contractor?
2) If you happen to work more hours one day than you had expected, would you then work less hours another day?
3) Do you tend to just work the hours that the permanent staff around you work?
4) Is there some sort of unwritten etiquette about the above? I.e. a common theme accross all the main banks?

1) I have an 8hr day on contract - but when we're up against a launch/deadline this ramps up. Once I did a 16.5hr day.
2) Absolutely - just keep the management sweet and arrange it beforehand. After the 16.5 day I took 2 days off.
3) Normally just 1 hour over the permies. When times are rough they're the ones outta the door saying 'I'm only 9 to 5 according to my standard working times etc'.
4) You're expected to do the job. At the end of the day that's the only thing that matters to them. If you got a week's work done in a day, take 4 off, but call it 'working from home'.

[Ardesco]

It's not BarCap!

Investment Management was Barclays Private Clients, not Barclays Capital when I worked for them. Mind in a period of 3 months however there were endless reorganisations going on while I was there so it may be now...

[AtW]

Having been doing some EFT work in the workers paradise I just ask "is there any other kind?"

I don't know where you work but mine was much worse, it was small bank though so no politics - about only good thing. Would never work for a bank again - any bank regardless of rate.

[Bovvered]

Care to give us a bank name?


I worked for Barclays Investment Management about 6 years ago as a permie and it was a good place to work until they stopped authorising projects for a couple of months leaving us with nothing to do but thumb twiddling.

The ones I have heard are bad are Natwest and RBOS

It's not BarCap!

[ASB]

but it was a crappy Russian bank, so it does not count.

Having been doing some EFT work in the workers paradise I just ask "is there any other kind?"

[Ardesco]

Care to give us a bank name?


I worked for Barclays Investment Management about 6 years ago as a permie and it was a good place to work until they stopped authorising projects for a couple of months leaving us with nothing to do but thumb twiddling.

The ones I have heard are bad are Natwest and RBOS

[sasguru]

I reply according to my current role in an IB in the Square Mile:


I am contracted on a "professional day, typically of eight hours". Sometimes I do more, sometimes I do less, though typically it is more; especially when ramping up to a release.


The management are quite flexible; the main priority is getting the job done.


There is a very good team ethic here; everyone does what is required of them. People aren't generally judged on their contractual status.


This is only my first IB, but the majority of other contracts (mainly financial sector of some sort) I have always worked a professional days, and the attitude is much of a muchness.


As a footer, despite what some people say, "I don't want the hours, pressure, zero thanks etc" working in this particular IB is fantastic. It's rewarding, I'm learning the business every day, the quality of staff is much higher compared to other companies, everyone cares about the project. I highly recommend it.

And the quality of management is higher ....
To answer your question, any manager worth his salt cares only that the work is done and deadlines are met. Hours are irrelevant as long as you don't take the piss.

[Bovvered]

I reply according to my current role in an IB in the Square Mile:

1) How many hours do you tend to work a day in this environment as a contractor?

I am contracted on a "professional day, typically of eight hours". Sometimes I do more, sometimes I do less, though typically it is more; especially when ramping up to a release.

2) If you happen to work more hours one day than you had expected, would you then work less hours another day?

The management are quite flexible; the main priority is getting the job done.

3) Do you tend to just work the hours that the permanent staff around you work?

There is a very good team ethic here; everyone does what is required of them. People aren't generally judged on their contractual status.

4) Is there some sort of unwritten etiquette about the above? I.e. a common theme accross all the main banks?

This is only my first IB, but the majority of other contracts (mainly financial sector of some sort) I have always worked a professional days, and the attitude is much of a muchness.


As a footer, despite what some people say, "I don't want the hours, pressure, zero thanks etc" working in this particular IB is fantastic. It's rewarding, I'm learning the business every day, the quality of staff is much higher compared to other companies, everyone cares about the project. I highly recommend it.

[TwoWolves]

I've been contracting at investment banks for 15 years and to be honest there is no hard and fast rule.

First off it really depends on your performance. Expectations are not lunatic on the whole so if you deliver then you can work nine hours a day (one hour break inc.) and everyone will be cool. However you will be expected to put in extra hours when need drives, such as when there are emergencies and near project delivery. During quiet patches you can surf the internet and bugger-off early if people feel you put your weight behind your work at other periods.

Notwithstanding there are banks that take the piss. If they do I suggest you stand your ground and insist on compensation for this. I have on occasion charged for a six or seven day week to compensate. Doing this will maintain respect from the client, you have to be flexible but don't offer them a free lunch.

[Ardesco]

I always charged for the extra hours at Natwest, supose it depends on the manager.

As i said before it all depends on your contract. The clever ones get the hours expected for a standard working day written into thier contract with pro-rata overtime. The stupid ones just get XXX per day put on thier contract and get a nasty shock when they are told 11 hours are expected.

As stated before this is all from cats with people who have worked for Natwest though no firsthand experiance so it may not be 100% accurate.

[Ivor1]

In the Natwest example I was told about they expected 10-11 hours every day. When you work out the hours worked compared to your daily rate a decent rate turns into an average one.

I always charged for the extra hours at Natwest, supose it depends on the manager, been even then it was a hard gig. Bottom line you do what you have to do to meet the deadline and in my case charge for it

[Ardesco]

Hmmm..... what if you worked 10 or 11 or 12 hours in 1 day .... would it normally be ok to balance that with fewer hours on another day ?
I'm getting the feeling an hourly rate is best at IBs.

In the Natwest example I was told about they expected 10-11 hours every day. When you work out the hours worked compared to your daily rate a decent rate turns into an average one.

[Ivor1]

Hmmm..... what if you worked 10 or 11 or 12 hours in 1 day .... would it normally be ok to balance that with fewer hours on another day ?
I'm getting the feeling an hourly rate is best at IBs.

I just charge extra if I did above my normal 8 hrs a day, I would bank the extra hours until I had 8hr then charge for it as an extra day or take a day off and charge for that.

[Angela_D]

1) How many hours do you tend to work a day in this environment as a contractor?

~9 hours


2) If you happen to work more hours one day than you had expected, would you then work less hours another day?

not normally, but the occasional under-hours day is okay.

Hmmm..... what if you worked 10 or 11 or 12 hours in 1 day .... would it normally be ok to balance that with fewer hours on another day ?
I'm getting the feeling an hourly rate is best at IBs.

[Ivor1]

Depends on the bank and the wording in your contract really.

I have heard horror stories of natwest expecting 10-11 hours a day from thier daily rate staff but don't have personal experiance so it may all be tosh.

No its true, only job Ive had that made me ill, could deal with it as a contractor as £ good, but I felt for their permy staff. Last time I was there out of 100 IT staff around 90 were contract.