It is simplifying things. Now contractors know how it feels to live on the edge and think you're gonna get cut one way or the other everyday you get out of bed. Now if they can just get the offshores to pay same type of uncle sam burdensome tax loads on their pay we'll be golden.
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I have been contracting for 13 years and have worked at Bofa on 5-6 contracts. I know for a fact that this is the third year in a row that the bank had done this. So yes, it is common practice. This is of the most God awful companies to work for in America. They are liars, back stabbers and has very poor upper management. I also know for a fact that during the financial crises they were one of the few big banks that actually went bankrupt. A lot of the other big banks, such as Wells Fargo, did not want to accept the bail out money because they didn't need it. Bank of America had to. Awful company, terrible company culture, and I will never work their again!
Ha - Just saw this in the Charlotte Business Journal. It's not about saving money - It's about "simplifying" things! What a bunch or malarkey...
“As part of a routine review process, we recently made business adjustments with some of our strategic partners,” a bank spokesman said. “Those partners were able to use their discretion to manage certain aspects of the adjustments. This ties directly to our ongoing focus on simplifying the company and delivering for our customers and shareholders.”
Info accurate, but mandatory date off. My two weeks are scheduled for last week of Oct and first week of Nov.
Definitely true.
Question to all, how much do agencies make off of us. Im trying to negotiate my same rate and accept the 2 week furlough, as i see the furlough is not in their hands. So is it possible. I told them i will leave and now they want to meet with me for breakfast on friday to discuss options. but they told me already that their margins are so small that if they keep me at the same rate they will be essentially paying bank of america to keep me employees and loose money business wise
know if this is just IT? is this a normal thing for the bank to do this time of year?
Depends on contractors.If contracting companies have absorbed the cut then there is no rate cut.Only furlough.
So very true! Every one of us (over 100) got the rate cut, but not the furlough. Some were not even given a heads up that it was coming by their staffing agency until they got an email this morning. Some were told Friday.
This is absolutely true, I'm affected.
This is absolutely true, I'm affected.
This is absolutely true, I'm affected.
I can tell you this IS true. Maybe not every contractor is being hit but that is because some managers could plead essential roles to not be furloughed.
yeah, it's true. At least the 2 week furlough part. Many on my team affected. Just contractors based in the U.S., though. Those in India (with same contracting firm) are unaffected by furlough. I have not heard personally of the rate cut, though...
Actually, it is. Half of my team was out today because of it.
Not true