Lunchtime Links: Will there really be 100,000 new jobs in London in the next decade?
Good news if you've been tweaking your CV in preparation for a desperate transformation into an elite teacher: London won't be disintegrating as a financial centre after all. Instead, an influx of emerging markets firms will lead to the creation of an additional 100,000 jobs over the next 10 years.
The prediction originates with Savvas Savouri, chief economist with Tosca Fund, who claims London is ideally placed to benefit from the global aspirations of emerging markets economies without financial services infrastructures of their own.
The thousands, or even hundreds of jobs have to materialize. Bank of China is said to be eyeing a large London office, and VTB has also indicated its intention of hiring in the City, but neither is expected to be a huge hirer anytime soon.
It's also worth nothing that Hong Kong, rather than London, is emerging as the current financial centre of choice for Russian IPOs.
Bluecrest, will move 50 of its highest-earning traders and fund managers to its new office in Geneva before the 50% income tax on high-earners kicks in on April 6. (The Times)
You can buy Twiglets and spaghetti hoops in Geneva. (Telegraph)
Redundancies coming to Cazenove. (Independent)
Credit Suisse plans to spread the cost of the U.K. bonus tax across shareholders and employees worldwide, with London staff paying the biggest share. (Bloomberg)
The UK government is NOT currently planning a US style banking levy. (Bloomberg)
The Conservatives will push for global bank levy (Financial Times)
There's not much European support for bank levy (Financial Times)
Billy Bragg will not be paying income tax unless bonuses are restricted to 25k (Telegraph)
One City brokerage firm is refusing to pay the bonus tax (The Times)
Don't look to investment bankers for answers on how we got here. We don't know and we don't care. We take the world as we find it and try to make money (Epicurean Dealmaker)
