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BarCap cuts IT contractor rates

09 November 2011  |  6309 views  |  0 Fingers on Tablet computer, calculating

Barclays Capital has slashed IT contractors' pay rates by 10% and told temps to take an enforced 10 day holiday before the end of the year.

According to a communication to temps, seen by tech news site The Register, contractors have been given until 11 November to respond to the take-it-or-leave-it offer with the new rate coming into force on 5 December.

The bank is "re-aligning" its rates with the "current market conditions, which have dropped suddenly in Q3 as a result of the majority of our competitors implementing similar initiatives".

Barclays Capital cuts IT contractor rates by 10% ... again - The Register

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