JPMorgan is the latest bank to slash IT contractor rates, reducing wages by 15% from 1 November.
Banks that have cut rates include BarCap, Deutsche Bank, Nomura International, Merrill Lynch and Royal Bank of Scotland.
JPMorgan has sent an advisory note to its recruitment preferred supplier list. It reads: "Due to prevailing market conditions, please be advised that JPMorgan Chase Bank ('JPMC') has made the decision to decrease its expenditure on IT contractor services provided to the IBTechnology ('IBTech') business unit."
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The advisory includes the names of the affected IT contractors and asks the recruitment firm to confirm they and their clients accept the wage cut by return.
JPMorgan said: "In the event of a proposed refusal to agree to the reduction in charge rates either as a whole or for individual contractors, we will consider giving termination notice under the terms of the existing contractor's task order, at our discretion."