Late Lunchtime Links: French bankers are in love with London
It is true. Even though Oswald Grübel has accused the UK government of neglecting banks and says that US and Asia are likely to win an increasing share of investment banking from the UK and Switzerland in future, French financial services professionals are still very into living in London.
We know this because the Evening Standard spoke to several of them yesterday. They praised the City for its meritocracy, tolerance and friendliness compared to Paris.
Among other things, the French financiers noted that promotion in Paris is dependent on length of service, that long Parisian lunches mean you're stuck in the office until late, that people in Paris are rude, and that in London it is totally acceptable to have pink hair on the tube.
None of this may be enough for Grübel, however. He is also quoted in the Financial Times today, saying Europe, "looks depressing."
"When you go to Asia, you feel much better," Oswald elaborates. "They're always talking about how they can make more money. Success is celebrated there still. In Europe, you sometimes get the impression that success is punished."
JP Morgan records $1.9bn drop in Emea profit. (Financial News)
Blackrock is creating 200 jobs in Edinburgh and says everyone else will want to move there because it's cheaper than Canary Wharf. (Scotsman)
The head of global capital markets at UBS has left to become head of Asia Pac capital markets at BofA. (Reuters)
Richard Armes, co-head of European interest rates at Morgan Stanley in London, has left the bank to join London-based hedge fund Brevan Howard. (Risk Magazine)
"It used to be that everyone was concerned with the size of their bonus. Now they are also concerned with how their bonus is paid. There are a lot of unhappy people and that will create significant movement this year." (Financial Times)
Credit Suisse has hired a new US head of fixed income research from BarCap. (Bloomberg)
The SEC wants to regulate hedge fund bonuses. (Telegraph)
BofA has hired a new head of global treasury solutions from Citi. (WSJ)
Terrorists caused the financial crisis. (Minyanville)
Drunken brokers break lift at Canary Wharf restaurant, fall asleep inside. (Evening Standard)
Exercise can keep you young. (NYTimes)
Michael Lewis: salesgirlieman. (BusinessInsider)
