Re:HSBC CEO Says Bankers Generating 20% of London Revenue Ma...
by JumpCrisscross on Wednesday January 18, 2017 @12:24PM
(#13428174)
> Traders/Bankers (for the most part) want to live in London, not Paris
Traders and bankers, for the most part, want to work where they can make money.
My old firm's trading floor was in Connecticut. I, like most of us, preferred to live in New York. That meant hours-long commutes. On one hand, the firm had to pay us more to compensate for this. On the other hand, that amount was minuscule compared to the value we produced. This arrangement persisted--and continues to persist--despite New York City being both the economic and cultural centre of the Greater New York Area.
Comparing London --> Paris to Silicon Valley --> Montreal is unfair. With the former, a material change has occurred to the attractiveness of London. With the latter, no such change has happened. A better comparison would emerge if California started seriously debating a large tax on California-based start-ups, expected to go effective in some unknown form over the next few years.
Traders and bankers, for the most part, want to work where they can make money.
My old firm's trading floor was in Connecticut. I, like most of us, preferred to live in New York. That meant hours-long commutes. On one hand, the firm had to pay us more to compensate for this. On the other hand, that amount was minuscule compared to the value we produced. This arrangement persisted--and continues to persist--despite New York City being both the economic and cultural centre of the Greater New York Area.
Comparing London --> Paris to Silicon Valley --> Montreal is unfair. With the former, a material change has occurred to the attractiveness of London. With the latter, no such change has happened. A better comparison would emerge if California started seriously debating a large tax on California-based start-ups, expected to go effective in some unknown form over the next few years.