The deadline for Lloyds Banking Group IT contractors to accept a new pay deal has passed but the bank has given no details of the outcome.
Last month the bank e-mailed IT contractors telling them their pay was to be cut by 15%. The bank told contractors to accept the offer or leave.
The e-mail, which was leaked to Computer Weekly, was sent on 19 June and contractors were given until 20 July to accept the changes or leave.
Computer Weekly contacted the bank, but it refused to give details of how many contractors accepted the deal.
"We wouldn't offer any comment on this other than what we said when we made the announcement. That is, like any major employer, we constantly monitor pay rates to ensure they are in line with the market and our competitors and in recent months the market rates for IT contractors have decreased. This means that from 18 July we reduced rates for some of our existing contractors by up to 15 per cent, bringing us into line with many other organisations across the industry that use contractors," said a spokesman for Lloyds.
In the leaked e-mail to contractors, the bank blamed "unprecedented volatility and extreme market conditions" in the UK economy for the cuts. "This adjustment is not a reflection of the perceived quality or value of your contributions to date, but is a response to current market events and Lloyds' focus on cost management," it said.
This view was supported by recruitment industry sources who said there is a trend in all sectors for contractor pay cuts.
Following Lloyds TSB's decision to cut UK IT contractor pay by 15%, Royal Dutch Shell has made a similar take it or leave it offer.
The oil company has offered UK IT contractors new deals with a 10% pay cut.
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