eFinancialcareers reports that working as an IT contractor within an investment bank has been a tough gig over the past 18 months.
Demand has slowed, temporary resources have been scaled back in most institutions and rates were cut by 10-15% across the board.
In a memo sent to its technology contractors, the bank said that it was reducing contractor rates to 'bring Barclays more in line with market standards'.
The bank was among the first firms to cut rates for contractors at what was then Barclays Capital in November 2011, before pay was reduced by most investment banks ahead of Christmas that year.
Hit the link below to access the complete eFinancialcareers article:
Barclays hits tech contract staff with 10% pay cut
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image: © Ivy Dawned
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