One incredibly unlucky bank – usually content to contain its bad news to the financial sector – is now having an ill effect on the contracting arena as well.
Freelancers and umbrella company contractors that work in the financial sector have weathered a huge blow recently, what with perennial lame duck Barclays coming out to announce recently that some 19,000 positions will be made redundant by the end of 2016. The bank, already looked at with baleful eyes after the horrid Libor scandal amongst other terrible mis-steps, says that a full 9,000 of those roles will be cut out from under British workers with the vast majority coming from its investment banking division.
This is just one more nail in the coffin for freelancers and contract workers currently trying to earn a living in the financial sector. Job cuts and reduction in pay rates have been running rampant across the industry for quite some time now, and most self-employed workers are tiring of the drama, deciding to pull up tent stakes and search for warmer climes. Honestly I can’t blame them one bit; if I was in a business sector that was busy treating me like dirt, I’d beat a hasty retreat as well – and I wouldn’t let the door hit me on the way out!
I suppose it’s only fitting that the latest blow comes from Barclays, considering its track record with providing honest and good financial services. The bank has been shedding jobs like a dog shaking off the rain, and it’s having a widespread affect on the entirety of the British economy. Then again something tells me tht the highest of the high up oligarchs on the Barclay’s board of directors aren’t going to be going anywhere anytime soon. It’s amazing how the axe might fall on low-level analysts and middle management types whilst those responsible for the very policies that got the financial service provider into such hot water in the first place emerge unscathed. In fact it wouldn’t surprise me in the least if those miserable banking bigwigs continue to take home their ridiculously overpriced bonuses, some of which easily number in the tens of millions of pounds.
Honestly it’s just jealousy stirring my words. I too would adore a job where I could muck about as much as possible, ruin things for others, and still end up employed the next day. Cor blimey but what a world!
