Not a good idea – 26% increase aint worth the downgrade status of contractor and business analyst. Even if optimistically they let you finish serving the contract, after that what are you going to do? Look for another bank to pay above 145k for a business analyst? All you need is a 3 month unemployment gap and all your “increase” will be wiped out. In the good old days contract conversion in banks are about 50%, now it’s almost 0% unless they really like you and a MD or SVP decide to bail you out.

Also IMO any company that can just instantly flip flop and jack up packages significantly means they are very short term and hire-fire mentality, i.e. if they need someone to do the job they will just throw money to hire someone ASAP, but that also means the moment you are not needed they will just dump you at the shortest notice. SCB and Citi are famous for this sort of hiring style.