Late Lunchtime Links: Remember all those 'alternative financial centres'? They've got problems too
London is still a major financial centre. According to a new financial-centres-of-the-world scorecard by Xinhua and Dow Jones Indexes, it now second ranks secondly globally, just behind New York. The Economist Intelligence Unit helpfully points out that in other recent scorecards it's come first.
While London's position at the top of the perch is under pressure from Europe, taxes, and (usually) poor weather, it's worth bearing in mind that would-be rivals have problems of their own.
New York, for example, has a proposed new tax on hedge fund managers who commute into the City, and Shanghai is facing proposals from trades unions to levy a payroll tax on investment banks to sponsor 'labour activities'. Even Jersey, with its traditional flat income tax rate of 20% is contemplating introducing a new 30% rate for anyone earning more than 100k. London may hang on at the top for a while longer yet.
Evercore: "It's the Goldman Sachs, the Morgan Stanley, Lehman Brothers of the late '70s and early '80s. (Financial Times)
The top six game changing hedge funds. (BigThink)
Another banned trader with a drink problem gets rehired. (Financial Times)
Berlin has already budgeted €6bn revenues from a transaction tax in its four-year budget. (Financial Times)
End of special liquidity scheme will drain 400m from banking system at same time as banks need an additional 600m in reserves. (Guardian)
Crisis awaits world's banks as trillions come due. (NY Times)
The OBR may need to hire its own staff. (Telegraph)
The Financial Stability Committee will pay less than the FSA. (Independent)
David Verey is coming back to Lazard. (Telegraph)
Co-founder of Nat Rothschild's company lied about having a Cambridge PhD. (Telegraph)
"I am trying to humanize bankers." (DealBook)
