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JP Morgan joins other banks and cuts contractor rates by 15%

Published on Oct 30, 2008

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Following the unprecedented upheaval in the global financial markets, it's a sign of the times that few will be surprised to see banks continue to slash contractor rates.

Following on from moves by HBOS, Barclays Capital, Merill Lynch, Barclays, Nomura, and several others, JP Morgan is the latest to announce an across-the-board rate cut of 15% according to a report in Computer Weekly.

According to the tech site, JP Morgan has sent an advisory note to its preferred recruitment suppliers with the names of affected contractors - asking for both the recruitment agencies and the contractors to accept the rate slash by return.

We await news of further cuts, which are almost inevitable given the current market conditions.

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