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IB Enforced Leave

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    IB Enforced Leave

    So my friend was all excited about his first break into an IB and generally it's pretty cool.

    But they said last week two weeks enforced leave which has doubled this week to four!

    Grrrrr. How usual is this? Are things going tits up? Are others getting rate cuts or enforced leave?

    #2
    IB Enforced Leave

    All part and parcel of being a contractor I'm afraid.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

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      #3
      Well I've been contracting for eight years and never had it before so I guess it's a particular joy of working in the financial sector!

      I guess those higher rates never work out quite as high as they first appear!

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        #4
        I've been working in finance for over 5 years and have had a couple of rate cuts but no enforced leave, I suppose it equates to the same thing, I cost them less.
        Never has a man been heard to say on his death bed that he wishes he'd spent more time in the office.

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          #5
          4 weeks sounds a bit harsh. However enforced leave is usually a good sign as it means they want to keep you and are allowing you time off while they cut costs. Rate cuts in my experience mean they are screwing you and intend to get rid of you anyway.

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            #6
            Originally posted by BigTime View Post
            4 weeks sounds a bit harsh. However enforced leave is usually a good sign as it means they want to keep you and are allowing you time off while they cut costs. Rate cuts in my experience mean they are screwing you and intend to get rid of you anyway.
            Or they just want to get rid of you, and not openly advertise the fact. It simply implies that what you're doing isn't very important, so pack up your stuff before you go

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              #7
              Originally posted by BigTime View Post
              4 weeks sounds a bit harsh. However enforced leave is usually a good sign as it means they want to keep you and are allowing you time off while they cut costs. Rate cuts in my experience mean they are screwing you and intend to get rid of you anyway.
              This sounds about right from what I have experienced.

              I would also add that IBs are nothing like what they might have been a few years ago - it's a dire working environment and everything possible is being offshored. As a contractor you are seen as an expensive commodity and not one to be respected... or at least that's my impression!

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                #8
                It's bad in the IB's. Your friend unfortunately came after the party was over. All the vodka bottles are empty and everyone has a stinking hangover.

                There have been repeated rate and contractor cuts. Still if he's prepared to put up with the financial hit and he finds it interesting should be OK. Just don't expect megabucks. It's still reasonably well paid compared to most sectors.
                I'm alright Jack

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                  #9
                  I take 6-7 weeks holiday a year, I would take more if I could get away with it.... life is too short to work work work

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                    #10
                    IBs are struggling now - pleased I got out. I daren't read hereisthecitynews anymore.

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