Daily rates down by up to 20%

Bank IT workers take pay cut to hold on to jobs

Clydesdale BankTemporary IT workers at Clydesdale Bank have agreed to be paid 10% below normal rates to avoid losing their jobs.

Some daily rates are said to be down by as much as 20% as sources in the tech sector say Clydesdale is the latest bank to cut back on the cost of hiring IT freelancers.

The move comes as banks continue to be hit by IT failures.

A Clydesdale Bank spokesman said there was no “blanket rate reduction” but admitted it reviewed “the number and pay rates of IT contractors on a regular basis.”


Some IT contractors say the cut in rates is written into their contracts for the next six months.

A trade website claims that the cuts are linked to Clydesdale’s split from National Australia Bank and a need to reduce overheads.


The Clydesdale spokesman said: “We hope to remain competitive, while balancing the number of contractors we retain against business need.”

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