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JP MOrgan to announce 15% rate cut

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    JP MOrgan to announce 15% rate cut

    Just had a call from a close friend - looks like JP are going to announce a 15% rate cut from 1st November. You take it from that date or you get 4 weeks notice.......

    #2
    Having been through the same scenario back in 2003 and taken the cut, my advice would be to walk.
    How fortunate for governments that the people they administer don't think

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      #3
      ... or take it and start looking for another gig asap

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        #4
        Seems a few contractors think their agent will take more than a 15% reduction to soften the blow....

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          #5
          15% cut whatever rate you're on it's going to be sh**te once that's gone through.

          That is hefty.
          I'm alright Jack

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            #6
            If history is anything to go by, the 15% cut will be followed by another and another until you're either somewhere else or working for 1/2 your normal rate.

            I'd bail now.

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              #7
              Originally posted by moorfield View Post
              ... or take it and start looking for another gig asap
              This is what I'd do. 85% of something is better than 100% of nothing. But I'd walk as soon as I found a better gig, and give no notice.
              Cats are evil.

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                #8
                Originally posted by DimPrawn View Post
                If history is anything to go by, the 15% cut will be followed by another and another until you're either somewhere else or working for 1/2 your normal rate.

                I'd bail now.
                And be on a 100% cut.
                Cooking doesn't get tougher than this.

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                  #9
                  Originally posted by DimPrawn View Post
                  If history is anything to go by, the 15% cut will be followed by another and another until you're either somewhere else or working for 1/2 your normal rate.

                  I'd bail now.
                  Apparently during the last recession (2001-2003) JP only did a single cut - for 10%.

                  However, there were other banks who cut by more and kept cutting.

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                    #10
                    Originally posted by TheBigYinJames View Post
                    And be on a 100% cut.
                    No, be on a new contract at your old rate. If you can't find one, it's time to retrain/go permie or retire.

                    HTH

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