TheCountOfNowhere Posted January 19, 2017 Share Posted January 19, 2017 The news (good) keeps flooding in today: http://www.euractiv.com/section/uk-europe/news/goldman-sachs-to-slash-london-presence-due-to-brexit/?utm_medium=Social&utm_campaign=Echobox&utm_source=Twitter&utm_term=Autofeed#link_time=1484818448 Let's hope they take Carnage with them Quote Link to comment Share on other sites More sharing options...
billybong Posted January 19, 2017 Share Posted January 19, 2017 (edited) For sure a hip hip hurray moment. Indeed cause to celebrate - although as usual they don't seem to have made a final decision as the article uses the word "weighing" in the second paragraph So it might just be another threat in order to get their own way - Barclays regularly threaten that they'll move their HQ to the US if they don't get their own way but disappointingly never carry out their promise. Similarly HSBC and probably quite a few others. Edited January 19, 2017 by billybong Quote Link to comment Share on other sites More sharing options...
Quicksilver Posted January 19, 2017 Share Posted January 19, 2017 If they take hundreds of bankers with them, will likely be some prime London property hitting the market in a large blob at some point. Can't wait. Quote Link to comment Share on other sites More sharing options...
doahh Posted January 19, 2017 Share Posted January 19, 2017 HSBC also doing the same Quote Richard Marsh, director of Edinburgh-based 4-Consulting, said ... "WARNINGS have been made about the impact on Scotland’s key financial services sector after the boss of HSBC said the bank is on course to move 1,000 jobs from its London business to Paris." "I believe the move of 1,000 HSBC jobs out of London will almost certainly have a knock-on effect on jobs in the sector in Glasgow and Dunfermline. Even if the loss of jobs in the short term are in London there will be operations in Glasgow and Dunfermline which provide services to parts of the industry which may be very specific. They may be back office, but still very well-paid jobs and if core functions go it puts questions over the supply chain." Marsh was speaking after HSBC boss Stuart Gulliver said work was underway to move part of the business to Paris ... Lasts year 4-Consulting told a Holyrood’s committee ... 24 per cent of the Scottish capital’s economy depends on banking and finance, six per cent more than London’s. The more the Tuckin merrier. Sounds like it may have an even bigger affect in Scotland. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted January 19, 2017 Share Posted January 19, 2017 Having ditched Hilary the banking filth are all cheering for Trump now. Hoping the light-touch, junk bond, casino days are here again. If banking jobs are being lost in London it's because they're being repatriated to Wall Street. Quote Link to comment Share on other sites More sharing options...
darkmarket Posted January 19, 2017 Share Posted January 19, 2017 So far the announcements haven't amounted to much. HSBC yesterday was relatively minor, GS is just a threat for now. In any case, the problems are still the too-big-to-fail perception and over-dependency on this sector. Losing jobs isn't actually a good thing, creating an economy able to withstand the impact of bankruptcies and adding non-FIRE jobs would be worth celebrating. It's quite possible for any bank to shift most of its operations to Frankfurt and still flood the UK economy with sub-prime credit. That's an even worse outcome than the current situation. Quote Link to comment Share on other sites More sharing options...
Mr Banks Posted January 19, 2017 Share Posted January 19, 2017 51 minutes ago, darkmarket said: So far the announcements haven't amounted to much. HSBC yesterday was relatively minor, GS is just a threat for now. In any case, the problems are still the too-big-to-fail perception and over-dependency on this sector. Losing jobs isn't actually a good thing, creating an economy able to withstand the impact of bankruptcies and adding non-FIRE jobs would be worth celebrating. It's quite possible for any bank to shift most of its operations to Frankfurt and still flood the UK economy with sub-prime credit. That's an even worse outcome than the current situation. Quite, it didn't take much for HSBC to turn about on their threat to go elsewhere last time! Toys and Pram spring to mind. Quote Link to comment Share on other sites More sharing options...
Quicksilver Posted January 19, 2017 Share Posted January 19, 2017 I'm working for a transformation project at HSBC involving offshoring thousands of jobs from Western home locations (US, Canada, UK, France, Germany) to India and China. Admittedly this is mostly support functions like IT, but all our programs were frozen end of last year to review post brexit strategy, I don't see where they can move in Europe as you need trading floor space to move real bankers and that often takes large banks 2+ years to set up an office and associated IT and equipment, it wont be rapid and why rush when you don't know the Brexit outcome. Its all scaremongering to try get some sweetheart deal from HMG. so transparent. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 19, 2017 Author Share Posted January 19, 2017 1 minute ago, Quicksilver said: I'm working for a transformation project at HSBC involving offshoring thousands of jobs from Western home locations (US, Canada, UK, France, Germany) to India and China. Admittedly this is mostly support functions like IT, but all our programs were frozen end of last year to review post brexit strategy, I don't see where they can move in Europe as you need trading floor space to move real bankers and that often takes large banks 2+ years to set up an office and associated IT and equipment, it wont be rapid and why rush when you don't know the Brexit outcome. Its all scaremongering to try get some sweetheart deal from HMG. so transparent. It's a threat...so they get what they want from BrExit. No one is listening to the people....the bankers want it all...AGAIN. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted January 19, 2017 Share Posted January 19, 2017 3 hours ago, fru-gal said: It's kind of weird that Theresa May is prepared to sacrifice the "wealth creator" bankers in order to go ahead with hard Brexit. There must be something more to it as finance is the holy cow of the UK government and what will the economy do without all the taxes the banks pay? Theresa's been grovelling to her banking masters: http://uk.reuters.com/article/britain-sterling-close-idUKL5N1F93XP Quote Link to comment Share on other sites More sharing options...
200p Posted January 19, 2017 Share Posted January 19, 2017 ^Investment banking post Brexit Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 19, 2017 Author Share Posted January 19, 2017 28 minutes ago, Democorruptcy said: Theresa's been grovelling to her banking masters: http://uk.reuters.com/article/britain-sterling-close-idUKL5N1F93XP No way, this ex banker, wife of a banker is going to stand up against the bankers in favour of the common man. Quote Link to comment Share on other sites More sharing options...
reddog Posted January 19, 2017 Share Posted January 19, 2017 (edited) 1 hour ago, Quicksilver said: I'm working for a transformation project at HSBC involving offshoring thousands of jobs from Western home locations (US, Canada, UK, France, Germany) to India and China. Admittedly this is mostly support functions like IT, but all our programs were frozen end of last year to review post brexit strategy, I don't see where they can move in Europe as you need trading floor space to move real bankers and that often takes large banks 2+ years to set up an office and associated IT and equipment, it wont be rapid and why rush when you don't know the Brexit outcome. Its all scaremongering to try get some sweetheart deal from HMG. so transparent. I heard on BBC wake up to money that Goldman had started to move stuff to Poland before Brexit (so in a way this is reannoncing something they were already doing to ram home the evil Brexit message). The bank I am involved with has moved a lot of stuff to Wroclaw, Poland. On the business side they started shifting back office trading stuff. They soon realised the Poles were good, and you can get a highly numerate Pole more cheaply than a highly numerate Brit (you can get the Brits, but obviously they want to be paid well, partly due to the he expense of being in London). Anyway it looks like this bank will shift more and more stuff to Poland, and I guess they will eventually shift even front office work there. To me these banks are just using Brexit to justify their existing near shoring plans. I doubt they really want to lift and shift everything from London to Frankfurt. Edited January 19, 2017 by reddog Quote Link to comment Share on other sites More sharing options...
eric pebble Posted January 19, 2017 Share Posted January 19, 2017 (edited) 5 hours ago, TheCountOfNowhere said: The news (good) keeps flooding in today: http://www.euractiv.com/section/uk-europe/news/goldman-sachs-to-slash-london-presence-due-to-brexit/?utm_medium=Social&utm_campaign=Echobox&utm_source=Twitter&utm_term=Autofeed#link_time=1484818448 Let's hope they take Carnage with them BEST NEWS EVER!!!!!! WE DON'T WANT YOU HERE!!!!!! F&&K OFF!!!!!!! WE NEVER EVER WANTED YOU HERE. YOU ARE POISONOUS SCUM ---- WE WILL BE FAR BETTER OF WITHOUT YOU!!!! PLEASE F**K OFF AS SOON AS POSSIBLE!!!! Edited January 19, 2017 by eric pebble Quote Link to comment Share on other sites More sharing options...
200p Posted January 19, 2017 Share Posted January 19, 2017 You could hedge (lol) yourself if you are an investment banker from moving to Poland, by buying DPP (Dominoes Pizza Poland). More people will have more discretionary spending if London's financial square uproots to Wroclaw. Quote Link to comment Share on other sites More sharing options...
darkmarket Posted January 19, 2017 Share Posted January 19, 2017 1 hour ago, Mr Banks said: Quite, it didn't take much for HSBC to turn about on their threat to go elsewhere last time! Toys and Pram spring to mind. Indeed, there's much speculation about a lack of negotiating talent for the EU talks, but little discussion of who's talking to the private sector, what positions are being taken in different industries and whether there's sufficient talent and will in government and the civil service to ensure things go in the public interest. The flurry of announcements from tech companies regarding new premises in London that followed the referendum was very suspicious. I'd like to know what commitments were made in return. With Nissan at least they were forced to admit they wouldn't reveal anything, with the tech companies nobody even asked. All we get are these broad announcements about passporting, moving jobs and confidence. Even Reuters, Bloomberg and the FT haven't covered these issues well. Quote Link to comment Share on other sites More sharing options...
doomed Posted January 19, 2017 Share Posted January 19, 2017 Not to worry. The end game is protectionism anyway as people will just keep voting for more extreme options until they are allowed to have some sort of stake in society. Uncontrolled globalism where unskilled, and skilled now in many cases, brits are expected to compete with Indians and Chinese is not a outcome that will be able to be achieved through the ballot box. This is already being demonstrated and the push back will only get stronger. Quote Link to comment Share on other sites More sharing options...
200p Posted January 19, 2017 Share Posted January 19, 2017 Please Don't Goooooo!!! Here have this: No tax to pay for 10 years! No National Insurance contributions to pay for 10 years! £5bn free grant to help settle in with Brexit £25K Per annum for every UK employee retained for the next 10 years Free 10% lifetime discount cards at your super markets Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 19, 2017 Share Posted January 19, 2017 In relaity, GS are reducing most of the trading bodies. All software now. Plonk the box in whateverwhere and run the trading there. The days of lots of people working in finance are over. A combination of technology and high capital means the numbers of off trading and finance. Banks are going to be utilities. And about time too. Quote Link to comment Share on other sites More sharing options...
One-percent Posted January 19, 2017 Share Posted January 19, 2017 I was talking to someone today who is heavily involved in engineering education at one of the top Russell group universities. Apparently, only 40 percent of their engineering graduates go into the actual subject. The rest are hoovered up by the city and end up working in merchant banking and suchlike. another positive if they leave. They won't be pulling the talent out of the real world Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 19, 2017 Share Posted January 19, 2017 4 minutes ago, One-percent said: I was talking to someone today who is heavily involved in engineering education at one of the top Russell group universities. Apparently, only 40 percent of their engineering graduates go into the actual subject. The rest are hoovered up by the city and end up working in merchant banking and suchlike. another positive if they leave. They won't be pulling the talent out of the real world Thats not new. Been like that 30 years. Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 19, 2017 Share Posted January 19, 2017 I should add, I dont thin kit does them any good. Trading is trading. Best done by software. Quote Link to comment Share on other sites More sharing options...
One-percent Posted January 19, 2017 Share Posted January 19, 2017 7 minutes ago, spyguy said: Thats not new. Been like that 30 years. New to me.... Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted January 19, 2017 Share Posted January 19, 2017 De-Squid the Quid ! Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted January 19, 2017 Share Posted January 19, 2017 8 hours ago, TheCountOfNowhere said: The news (good) keeps flooding in today: http://www.euractiv.com/section/uk-europe/news/goldman-sachs-to-slash-london-presence-due-to-brexit/?utm_medium=Social&utm_campaign=Echobox&utm_source=Twitter&utm_term=Autofeed#link_time=1484818448 Let's hope they take Carnage with them Made my day, get the scumbags over to Frankfurt asap.. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.