Any advice?

[ronanm]

Hi All,

I'm coming to the end of a 4 month contract with an Investment Bank in London. My current rate is £350 per day and they have offered me a new contract in a different role but emphasised "there is a recession going on" and want me to take a cut. I have told them I'll take the role (3 month contract) but not the cut.

The reason I am hesitant is due to the fact that I assume you are more suited to contract roles when you are on the bench. Is this the case? The other thing is if I am on the bench I can ony afford to stay in the UK for a little longer to look as I'd have to move back in with the folks in Ireland (at 34 years of age that isn't particularly appealing).

I have 10+ years experience in asset management, investment banking and stockbroking using VBA/SQL and all the vendor systems (Bloomberg etc).

Should I wait and see or just take the cut??

Any advice?

[ratewhore]

If it were me, and the market was quiet, I'd take the cut (but negotiate a smaller cut). Plus, I'd also want a 7 day notice clause inserted.

Then, I'd continue to look for work while billing...

[ronanm]

If it were me, and the market was quiet, I'd take the cut (but negotiate a smaller cut). Plus, I'd also want a 7 day notice clause inserted.

Then, I'd continue to look for work while billing...

Thanks - they haven't proposed a figure for the cut. Interesting re: 1 week break clause So we'll see what they come back with.

Is it the case that more roles come available in finance in London at March given people get their bonus and move on?

[NeverBeenNorthOfTheM25]

If it were me, and the market was quiet, I'd take the cut (but negotiate a smaller cut). Plus, I'd also want a 7 day notice clause inserted.

Then, I'd continue to look for work while billing...

WHS ............ if you already mentioned your day rate, then I would have mentioned the cut in your post as its entirely relevant.

A cut of £30 a day is slightly less than a cut of £100 a day and tends to figure in the decision making process.

[MaryPoppins]

Hi All,

I'm coming to the end of a 4 month contract with an Investment Bank in London. My current rate is £350 per day and they have offered me a new contract in a different role but emphasised "there is a recession going on" and want me to take a cut. I have told them I'll take the role (3 month contract) but not the cut.

The reason I am hesitant is due to the fact that I assume you are more suited to contract roles when you are on the bench. Is this the case? The other thing is if I am on the bench I can ony afford to stay in the UK for a little longer to look as I'd have to move back in with the folks in Ireland (at 34 years of age that isn't particularly appealing).

I have 10+ years experience in asset management, investment banking and stockbroking using VBA/SQL and all the vendor systems (Bloomberg etc).

Should I wait and see or just take the cut??

Any advice?

Are they TELLING you that you will have to take a cut, or ASKING? If they are asking, they are possibly trying it on - it might not be a client initiated cut. Ask the hiring manager (discreetly) to confirm that the agency has been asked to cut rates.

[TheFaQQer]

The reason I am hesitant is due to the fact that I assume you are more suited to contract roles when you are on the bench. Is this the case? The other thing is if I am on the bench I can ony afford to stay in the UK for a little longer to look as I'd have to move back in with the folks in Ireland (at 34 years of age that isn't particularly appealing).

I'm not sure what you mean by being "more suited" to a contract role or not.

Should I wait and see or just take the cut??

Any advice?

If you are running out of money, then I'd stick with the role - start with a 0% reduction and work slowly up from there. That said, I'd rather live with my parents than work in London for £350 a day.

[BolshieBastard]

Hi All,

I'm coming to the end of a 4 month contract with an Investment Bank in London. My current rate is £350 per day and they have offered me a new contract in a different role but emphasised "there is a recession going on" and want me to take a cut. I have told them I'll take the role (3 month contract) but not the cut.

The reason I am hesitant is due to the fact that I assume you are more suited to contract roles when you are on the bench. Is this the case? The other thing is if I am on the bench I can ony afford to stay in the UK for a little longer to look as I'd have to move back in with the folks in Ireland (at 34 years of age that isn't particularly appealing).

I have 10+ years experience in asset management, investment banking and stockbroking using VBA/SQL and all the vendor systems (Bloomberg etc).

Should I wait and see or just take the cut??

Any advice?

To be fair there is a recession on so, you have to look at all possibilities. No doubt some people will tell you to refuse the rate cut and walk. but I'd only advise that if you had something else definite.

I wouldnt burn bridges. Try and negotiate with the client but remember, there's lots of contractors on the bench who'd do your job for £300 a day.

You pays your money................

[ronanm]

Firstly, apologies in the delay to answering some of your posts - my posts are being moderated at present as am a new member.

MaryPoppins - they have asked, not told me to take a cut. I have said no as a starter just to see what they do say.

TheFAQQer - by "more suited" I mean that if you're immediately available that often suits potential employers, particularly in contracting. £350 a day is not much (like the prisoner who says he's guilty I am worth more) but when you're getting your acommodation paid for it's not too bad. £350 a day is approx. £87,500 per year then I have rent and expenses on top of that so.......

BolshieBastard - thanks for that. You're right - there are people out there who would do my job for £300 per day (not as well obviously )

In the absence of an alternative, I think I will do the job. Would love to do something else but guess I'll have to wait (am sick of the bankers!!)

[Jeebo72]

For your experience you are on a low rate anyway. But if they insist, do it but with a 1 day notice period. Make them think about that ... every business is trying it on right now ... and they'd be stupid not to ... if it was me, I'd insist on no cut, it's only 3 months after all.