Goldman imposes IT contractor rate cut

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Any IT contractors thinking the last bastion of high daily rates was at Goldman Sachs should think again. The bank has issued a take-it-or-leave-it 15% cut to all its contractors, according to The Register.

Goldman follows the example of JPMorgan - although both banks delayed the rate cuts, they're deeper than the typical 10-12% reduction enforced by most i-banks this year.

Merrill's IT contractor rate cut, announced back in May, set the ball rolling for others to follow suit, and the likes of BarCap, Commerzbank, Credit Suisse, Deutsche Bank and RBS are now paying around 10% less than this time last year.

The Goldman rate cuts will come into effect this week.

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