Jump to content
House Price Crash Forum
GreenDevil

The 2nd greatest thread of all...The Banksters running for the exit thread

Recommended Posts

Ok its not BTL running for the exit but almost as pleasing.

Good news is coming fast now, bankers are packing up and leaving London. Heres the another article.

https://www.bloomberg.com/graphics/2017-brexit-bankers/

I wonder when we will get the first confirmed batch of job losses and or moves to Europe, instead of idle threats, then it will time to raise a toast.

Share this post


Link to post
Share on other sites

For at least 2 of those banks the number of new jobs created elsewhere will be far less than the number lost in the UK as they are taking the opportunity to increase automation where possible to reduce headcount and Brexit is being used as a fig leaf.

The reduction in corporation and payroll taxes are going to hit HMT and taxpayers hard.

Share this post


Link to post
Share on other sites
47 minutes ago, koala_bear said:

The reduction in corporation and payroll taxes are going to hit HMT and taxpayers hard.

 

No need to worry - once we take back control, I'm sure we'll have a strong and stable economy

 

 

Share this post


Link to post
Share on other sites
2 hours ago, EssKay said:

 

No need to worry - once we take back control, I'm sure we'll have a strong and stable economy

 

 

You mean till the sub-prime car loans industry goes kaboom?

Share this post


Link to post
Share on other sites
10 hours ago, koala_bear said:

For at least 2 of those banks the number of new jobs created elsewhere will be far less than the number lost in the UK as they are taking the opportunity to increase automation where possible to reduce headcount and Brexit is being used as a fig leaf.

The reduction in corporation and payroll taxes are going to hit HMT and taxpayers hard.

Very good point.  I can see this happening. Nothing like an excuse to cut staff - nothing to do with automation, honest.

Share this post


Link to post
Share on other sites
32 minutes ago, canbuywontbuy said:

Very good point.  I can see this happening. Nothing like an excuse to cut staff - nothing to do with automation, honest.

The cost of Automation in some areas is very high and the added cost of Brexit this helps to justify this. (Ditto time scales with some banks mid way into 5+year effort to automate in some areas so ideal timing).

Also a number (or all?) of banks are now having issues recruiting quality staff in India so the outsourcing route if now far less attractive hence heading for the longer more expensive automate route...

Edited by koala_bear

Share this post


Link to post
Share on other sites
15 hours ago, GreenDevil said:

Ok its not BTL running for the exit but almost as pleasing.

Good news is coming fast now, bankers are packing up and leaving London. Heres the another article.

https://www.bloomberg.com/graphics/2017-brexit-bankers/

I wonder when we will get the first confirmed batch of job losses and or moves to Europe, instead of idle threats, then it will time to raise a toast.

Love the thread title :lol::lol:

Share this post


Link to post
Share on other sites
3 hours ago, koala_bear said:

The cost of Automation in some areas is very high and the added cost of Brexit this helps to justify this. (Ditto time scales with some banks mid way into 5+year effort to automate in some areas so ideal timing).

Also a number (or all?) of banks are now having issues recruiting quality staff in India so the outsourcing route if now far less attractive hence heading for the longer more expensive automate route...

Any bright idea that involves recruiting skilled people in India will run into that in a few quarters.

India may have a population of 1.3bln. However, 80% are illiterate.

The number of English speaking Indians is about 100m.

The number of English speaking Indians in the private sector labour market i.e. not jumped the civil service bank wagon - all Indians are after a job in the civil service -  is a lot smaller.

The number of English speaking Indians, in the private sector, with a good, world class technical level skill, be it software or finance, is pretty small.

After 10 years of dealing with outsourced services, inc. one multi-million, jaw dropping, fckup, I will not consider using Indians in India. Its really not just the hassle. Best automate stuff - computers dont put their families on the payroll.

 

 

Share this post


Link to post
Share on other sites

Id add that the job losses are less Brexit and more to do with the vast unwinding of leverage/fat in finance.

The last 20 years have seen the number of people working in finance triple. All down to churning crap and leverage.

A simpler more transparent financial sector will employ a lot less.

Just look at how quick all the open outcry exchanges went.

After 2008 and all that, I came to the conclusion that banks are a big like national flag carrier airlines - whatever they make in the good times they more than loose in the bad.

Share this post


Link to post
Share on other sites
16 minutes ago, spyguy said:

Id add that the job losses are less Brexit and more to do with the vast unwinding of leverage/fat in finance.

The last 20 years have seen the number of people working in finance triple. All down to churning crap and leverage.

A simpler more transparent financial sector will employ a lot less.

Just look at how quick all the open outcry exchanges went.

After 2008 and all that, I came to the conclusion that banks are a big like national flag carrier airlines - whatever they make in the good times they more than loose in the bad.

I'll simplify this. If you had a need for a plumber would you contract hire - 

1. who is charging £50ph. (British)

Or

2. who is charging £40ph (EU)

Or

3. who is charging £25ph (China)

Doesn't matter who owns / nationality of the business. A business is concerned about profits. Same applies to governments. B) 

Share this post


Link to post
Share on other sites
15 minutes ago, spyguy said:

Id add that the job losses are less Brexit and more to do with the vast unwinding of leverage/fat in finance.

The last 20 years have seen the number of people working in finance triple. All down to churning crap and leverage.

A simpler more transparent financial sector will employ a lot less.

Just look at how quick all the open outcry exchanges went.

After 2008 and all that, I came to the conclusion that banks are a big like national flag carrier airlines - whatever they make in the good times they more than loose in the bad.

The only tools that a post-Brexit UK will have to create an 'attractive and low cost' operating environment for businesses... particularly big and international business... will be via reduced taxes and further diminishing the requirement of corporate responsibility and law abiding... plus giving away tons of cash via grants... tax refunds...you name it.

Further, to operate with a restricted environment...de-harmonised from our neighbours, creating parallel systems and functionality (with the huge HUGE costs that will entail).... and with the fast changing geopolitical dynamic emanating from our former colonies (and their growing economies)... we're looking at some pretty frail arguments about 'sovereignty'. Just you wait.

Oh yes... and there will be fast tracking of immigrants from nations who spend money in the country.. duh. Like the Middle East, India, China to name a few.

Is what the Brexiteers voted for?

Of course we -should- cheer people getting moved out who make lots of money? This is the British way.

However, the trickle down effect through our society is going to have massive deleterious effects.

A 'Brexit' is still not certain to occur. The recent French election puts the argument to bed that the EU is in tatters.

Share this post


Link to post
Share on other sites
18 hours ago, GreenDevil said:

Ok its not BTL running for the exit but almost as pleasing.

Good news is coming fast now, bankers are packing up and leaving London. Heres the another article.

https://www.bloomberg.com/graphics/2017-brexit-bankers/

I wonder when we will get the first confirmed batch of job losses and or moves to Europe, instead of idle threats, then it will time to raise a toast.

 

Share this post


Link to post
Share on other sites
1 hour ago, maverick73 said:

I'll simplify this. If you had a need for a plumber would you contract hire - 

1. who is charging £50ph. (British)

Or

2. who is charging £40ph (EU)

Or

3. who is charging £25ph (China)

Doesn't matter who owns / nationality of the business. A business is concerned about profits. Same applies to governments. B) 

Yeah not so simple.

EU ~ 40PH + 8 hours + £300 return fare.

China  - 25PH* ~ 20H + £600 return fare.

At the mo. the bits of China that we are competing with is basically the pearl river delta. Most skills there are more expensive than UK ones.

I dont care what an illiterate noodle seller in the ar5e end of China charges. I dont compete with him globally.

As far as the UK goes, the most eye raising cheap skills on the continent are a lot of public sector ones - teachers, GPs and nurses. The UK pays about twice as much as other EU countries.

Share this post


Link to post
Share on other sites
1 hour ago, cashinmattress said:

The only tools that a post-Brexit UK will have to create an 'attractive and low cost' operating environment for businesses... particularly big and international business... will be via reduced taxes and further diminishing the requirement of corporate responsibility and law abiding... plus giving away tons of cash via grants... tax refunds...you name it.

Further, to operate with a restricted environment...de-harmonised from our neighbours, creating parallel systems and functionality (with the huge HUGE costs that will entail).... and with the fast changing geopolitical dynamic emanating from our former colonies (and their growing economies)... we're looking at some pretty frail arguments about 'sovereignty'. Just you wait.

Oh yes... and there will be fast tracking of immigrants from nations who spend money in the country.. duh. Like the Middle East, India, China to name a few.

Is what the Brexiteers voted for?

Of course we -should- cheer people getting moved out who make lots of money? This is the British way.

However, the trickle down effect through our society is going to have massive deleterious effects.

A 'Brexit' is still not certain to occur. The recent French election puts the argument to bed that the EU is in tatters.

(I voted Remain with nose held).

The UK will adopt the EU standards on goods + whatnot. We'll just hve no say in them but we'll have to comply with them.

The UK does offer a far easier employment environ than other EU countres - maybe bar NL + Scandi.

Ive had first hand experienvce of France - not with  a barge pole for more than 10 employees.

And Italy - just no, not for any number.

Macro proves nothing. In fact,m the fact that neither main stream right or left parties wen to the poll shows all bets are off.

As far as EU superiotiry goes ...

https://www.ft.com/content/6dbe2196-34d1-11e7-bce4-9023f8c0fd2e

'Plight of eurozone jobless found to be worse than data show'

The lcique of insders makign out loads shrinks, where as the hordes of outsiers getting pennies icnreases.

Nothing the ECB has done post 2008 has helped that. In fact, its made stuff worse.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Next General Election   90 members have voted

    1. 1. When do you predict the next general election will be held?


      • 2019
      • 2020
      • 2021
      • 2022

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.