Deutsche Bank: Freelancers get near 30 per cent rate cut

Deutsche Bank has introduced another 10 per cent cut in its freelance IT rates, for the third time in two years.

News that the German bank giant has cropped rates yet again will be met with dismay by hundreds of IT freelancers across Europe and North America in the run-up to Christmas.

The bank first cut its rates by 10 per cent in 2001, then again in the summer and again in December.

Freelancer rates at the bank are now at 72.9 per cent of the full rate enjoyed by freelancers prior to September 2001.

The latest cuts will relate to all IT freelance workers in the bank's 'investment banking sector.'

"The cuts are being introduced in a move to bring total expenditure down by €2 billion by the end of 2003, under a 'cost containment programme,'" a spokesman said.

Deutsche Bank told UKTECH: "We don't know when or if the rates will return to previous levels," after the first cuts were introduced last September.

The 30 per cent total is the largest confirmed cut in rates since Credit Suisse First Boston began what was to become a trend amongst multinational banks and other businesses, in July, 2001.