UK already entering recession say economists

[Shinzai]

I'll just say on the subject of the banks movements; That most of the banks that people cite as fleeing London are not actually leaving London at all. It's just a sensible design, now, to have a base in both London and Europe, separately established. This isn't panicked changes occurring, it's carefully planned and thought out redistribution.

There's no sensible reason not to have a foothold in Europe specifically, while also maintaining existing positions in New York and London. Common sense would tell you that a change in world borders would require a careful distribution of offices and the required level of employees, to maintain status quo.

[Ripster42]

Oh looky what we have here, http://www.reuters.com/article/us-we...-idUSKCN0ZY1BN

Only one of the worlds biggest banks (if not the worlds biggest by capitalisation) deciding where to base its European HQ...The Brexit boom continues!

It's almost like you didn't read your link:

The purchase of the building at 33 Central, King William Street -- close to the Bank of England and the River Thames -- will allow Wells Fargo to consolidate all of its London-based staff in a single location when construction completes in the third quarter of 2017.

They're closing down their other locations in london, and moving them there, "to more efficiently and effectively manage our operations." You know, business speak for "we're probably going to fire some people."

[zenkai]

None of this really matters. The rest of the world only wants to know when the new season of Doctor Who will start and why it was removed from Netflix.

This is something I can agree with. Although the show is on a decline...

[Deleted]

and these economists also said that london would grind to a halt if we didnt join the EURO in the 90's and we didnt and london is still going.

[Deleted]

We do not stop multi billionaires "investing" in housing, so the bubble will never pop.

I watched a documentary where a Russian billionaire "child" was asked if he "would actually live " in the properties he was buying, and he literally balked at the thought....after dropping nearly 50million on 3 London flats.

You do know that's money laundering right?

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Oh looky what we have here, http://www.reuters.com/article/us-we...-idUSKCN0ZY1BN

Only one of the worlds biggest banks (if not the worlds biggest by capitalisation) deciding where to base its European HQ...The Brexit boom continues!

Cant you read? - They decided to buy a new place for their already located HQ, to consolidate their offices, all in London.
They are essentially taking the bet that it cant go that bad that they will have to move (everybody) - its not exactly a sign of strength.

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There's no sensible reason not to have a foothold in Europe specifically, while also maintaining existing positions in New York and London. Common sense would tell you that a change in world borders would require a careful distribution of offices and the required level of employees, to maintain status quo.

yes which given that the london office used to manage 500 million clients (potential) and will now manage less than that, What will happen with the london offices?

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and these economists also said that london would grind to a halt if we didnt join the EURO in the 90's and we didnt and london is still going.

yeah, because the UK went to the EU court and battled the ECB to victory.

[dribbles]

They're closing down their other locations in london, and moving them there, "to more efficiently and effectively manage our operations." You know, business speak for "we're probably going to fire some people."

I am guessing you don't do much business speak with that twaddle, so let's hear from the Wells Fargo horses mouth, after their huge investment in London for their new European HQ.

http://www.indeed.co.uk/Wells-Fargo-jobs

That's right, pages and pages and pages of reasonably paid job vacancies posted since the vote for the Brexit Boom.

[Kallisto]

and these economists also said that london would grind to a halt if we didnt join the EURO in the 90's and we didnt and london is still going.

No only a couple did. You're just repeating lies over and over again. Only a couple of economists who were at the extreme of their profession said that. Many stayed out of it. Unlike every other thing people bring up to say "experts who educate themselves know nothing about what they are educated in. But my friend down the pub knows everything even though he got no O levels and is in a dead end job." when it came to Brexit there was a proper consensus. And what we are seeing now with the pound dropping again. Interest rates falling, housing bubble bursting soon. It was predicted. It was warned.

Also 2008 crash was warned before you pull out "Where were they when the 2008 happened.". Well they were warning as early as 2005 and making preparations.

[Deleted]

2008 lehmen brothers was predicted and predictions are 50/50 ur either right or wrong,

[TheTaurenOrc]

Does the UK have the 100+ skilled, educated, and trained foreign service negotiators for those trade deals? and the decade its going to be until they are done? - The answer by the way is no.

Erhm... you do realize while there are mediators and officials but the majority are representatives of the markets being negotiated?

Its not like; OK Joe welcome to the Foreign Office here's six months training on how to negotiate international sock production and trading.

[Shinzai]

yes which given that the london office used to manage 500 million clients (potential) and will now manage less than that, What will happen with the london offices?

...You move your critical staff members and restructure. You take those with strong international ties and/or understanding, those who've already traded in Europe, who know the faces and the boards to deal with. You take them and you set up house in the middle of it, to ensure on going solidarity. You make sure that you will not lose a single client in any transitions that occur and you instead make sure that you are prepared to cope with any future changes and can respond in a prompt, professional manner.

You don't throw away the London office, you repopulate it and expand. The number of clients does not decrease, the measures required to deal with them will increase however. If anything, this means they need more staff than before.

[Deleted]

...You move your critical staff members and restructure. You take those with strong international ties and/or understanding, those who've already traded in Europe, who know the faces and the boards to deal with. You take them and you set up house in the middle of it, to ensure on going solidarity. You make sure that you will not lose a single client in any transitions that occur and you instead make sure that you are prepared to cope with any future changes and can respond in a prompt, professional manner.

You don't throw away the London office, you repopulate it and expand. The number of clients does not decrease, the measures required to deal with them will increase however. If anything, this means they need more staff than before.

what i was getting at is that labour will move from London to various locations in the EU - By no means a death knell to the City, but certainly a blow.

[Kallisto]

2008 lehmen brothers was predicted and predictions are 50/50 ur either right or wrong,

Only really uneducated ones. Educated predictions are usually 90%+ accurate. I don't know where anyone would get 50/50 from

[Deleted]

I am guessing you don't do much business speak with that twaddle, so let's hear from the Wells Fargo horses mouth, after their huge investment in London for their new European HQ.

http://www.indeed.co.uk/Wells-Fargo-jobs

That's right, pages and pages and pages of reasonably paid job vacancies posted since the vote for the Brexit Boom.

Out of curiosity, have you ever worked outside the UK? It is pretty interesting if you haven't. The jobs tend to pay a lot more too.

EDIT: I meant assuming you are a UK citizen. A German working in Germany would be pretty average.

[Deleted]

What he should have said is London is the finance capital of the world, implying they are the world leader in bank servicing. New York is the capital of the world in general terms, and in corporate terms. But specifically to banking, historically it's been London.

Nigeria is the finance capital of the financial world with its thriving 401 scam industry. What's that? Oh, banking is "different"? No.

[dribbles]

Out of curiosity, have you ever worked outside the UK? It is pretty interesting if you haven't. The jobs tend to pay a lot more too.

EDIT: I meant assuming you are a UK citizen. A German working in Germany would be pretty average.

Yes it's why I said reasonable salaries, nothing special but to start certainly better than McDo. Does anyone work in Europe? I read that many countries have 40 or 50% unemployment rates in under 30's

Obviously if you are saying they are poor wages offered in comparison to what German workers earn that's music to my ears, got to love a competitor country with a grossly higher cost base than the UK.

No wonder foreign investment is flocking to Boom Brexit Britain, whilst the rest of Europe stagnates and fails. How is Deutsch Bank doing these days btw?
Hope the staff there are not relying on this years bonus and you are not counting them in their salaries - hopefully the staff aren't getting too demoralised, but as you can see, always room for them in those two great financial centres of the world London and New York.

Frankfurt? Not even good for a sausage these days, kebab maybe, but sausages nah, haram now there aren't they? Soon will be.....