Banks trim pay for contractors

BANKS including Nomura and Royal Bank of Scotland have cut pay rates for IT contractors and other temporary workers by 10 per cent and more as they take an increasingly hard line on costs.

In a manoeuvre rarely seen since the height of the financial crisis, Nomura, Japan’s biggest investment bank, cut wages for some contractors by 10 per cent in September, sources familiar with the matter said. Nomura and RBS declined to comment.