Reply to: Big IT hiring freeze coming in the City ...

[ContractIn]

Mmm interesting all my clients are IB's and at the moment I have been the busiest I have ever been and Im having to turn down clients, Ive got contracts in place till Jan 2009, and rates have gone up nicely, if I could physically do it I could have 3 clients on the go at the moment. Suppose it depends on area.

Giv us a job!

[BlasterBates]

Agreed. Anything to do with risk will be OK. What do you do in Risk Management, Blaster? Are you with the Basel 2/Sarbanes Oxley stuff?

No I just program a system that shows positions and risk exposure, but the advantage is it isn't tied to any specific trading area.

[rootsnall]

Hopefully, everybody here has been a good squirrel and stored lots of nuts.

The store will be full to overflowing if I can sell a house that should of gone through today but has been put back 2 weeks, not a good sign ! If that comes off I'll be heading off into my nuclear bunker with the hatches well and truly battened down. My particular niche is doing very well at the moment but I think it's only a matter of time with what is going on in the states. I fear rates will tumble fast with the amount of overseas bodies around. It's time to sign that long contract on a rate a bit lower then your colleagues !

[bobhope]

Hiring freeze at the IB here too. Kind of depends on how the sub-prime debacle turns out in the end.

What's interesting is that the major wave of rate resets doesn't really kick off until Q4 this year (in the UK a little bit later)

Hopefully, everybody here has been a good squirrel and stored lots of nuts.

[sasguru]

It depends on the area, risk management looks reasonably bright at the moment, for some reason . What banks are doing are changing their focus. So there will be layoffs, but expansions else where. From what I can see the growth has stopped but they're all treading water. So they probably reduce some budgets to increase others. We'll need to wait for next year. Emerging markets & commodities look good, mortgages, loans etc not so good.

Agreed. Anything to do with risk will be OK. What do you do in Risk Management, Blaster? Are you with the Basel 2/Sarbanes Oxley stuff?

[BlasterBates]

It depends on the area, risk management looks reasonably bright at the moment, for some reason . What banks are doing are changing their focus. So there will be layoffs, but expansions else where. From what I can see the growth has stopped but they're all treading water. So they probably reduce some budgets to increase others. We'll need to wait for next year. Emerging markets & commodities look good, mortgages, loans etc not so good.

[oracleslave]

current IB I'm at has a hiring freeze on contractors
a few where not renewed last week.

but they are renewing the bright spark ones .

HTH

were

You must be in trouble then.

[Bright Spark]

current IB I'm at has a hiring freeze on contractors
a few where not renewed last week.

but they are renewing the bright spark ones .

HTH

[n5gooner]

just been asked to stay on until end Feb, then possible 6 months more after that.....pants!! I don't want to stay...

[DBA_bloke]

I've got to agree with this in general - the IBs I know of are recruiting more than usual right now, but only permies and not so many contractors.

I fear I will receive the "join the dark side" chat soon from management here....

I'm already doing that. Looking for both, but would be happy with a tasty permie role, with all the trimmings.

[ChimpMaster]

Mmm interesting all my clients are IB's and at the moment I have been the busiest ....

I've got to agree with this in general - the IBs I know of are recruiting more than usual right now, but only permies and not so many contractors.

I fear I will receive the "join the dark side" chat soon from management here....

[Tex]

Who cares as long as house prices keep rising and Norton Finance are on call with loans at rates to suit you?

[Ivor1]

Mmm interesting all my clients are IB's and at the moment I have been the busiest I have ever been and Im having to turn down clients, Ive got contracts in place till Jan 2009, and rates have gone up nicely, if I could physically do it I could have 3 clients on the go at the moment. Suppose it depends on area.

[swamp]

So the FTSE wobbles a bit, goes down to 5800ish, but now it's back up to 6500. What's wrong with these bankers?!

Actually I think the contract market downturn has already started. Rates aren't great at the moment and there don't seem to be too many big projects around any more. Also every man and their dog seems to be contracting these days. Some newbies will be in for a shock if things go like '02/'03

[King Cnvt]

Doomed!

I'll have to sell my BTL portfolio and realise the £800K gain I have made last week.