3-month Libor at record lows

inspector_monkfish

Thrugelmir wrote: »

The centre of the financial world will soon be in the East.

I think Time Zone alone, will be enough to keep it in London.

Thrugelmir

inspector_monkfish wrote: »

I think Time Zone alone, will be enough to keep it in London.

Not if the centre of the universe changes.

We may well witness significant changes in the years to come. The era of dominance by Western economies may be over.

inspector_monkfish

Thrugelmir wrote: »

Not if the centre of the universe changes.

We may well witness significant changes in the years to come. The era of dominance by Western economies may be over.

yep, righto...

Generali

inspector_monkfish wrote: »

I think Time Zone alone, will be enough to keep it in London.

One advantage that London has given up is that most of Ops and a chunk of middle office has gone to India. A load of expertise has been given up.

Part of London's advantage was the whole package - NY has always had great front office but everything else is lousy. Sing and HonKers has has great ops but the front office isn't so hot.

London has given away the advantage it had of having tens of thousands of motivated, moderately skilled people in Essex, Kent and Herts that could and would do the monkey work very well.

London could well find itself as a sub branch of NY, another financial Paris or Frankfurt.

inspector_monkfish

from what i understand, most of what was set up in india is a shambles, and being returned to london


you still won't be able to bend the fact that when london opens it is there for the last few hours of the far east markets, and when the septics arrive there are still a few hours left to trade with london

that alone, is priceless

purch

The era of dominance by Western economies may be over.

It already is.

We are just kidding ourselves if we believe otherwise.

They will continue to humour us, whilst they still need us to consume what they produce and bring their workforce into full and economic employment.

Then what ??

inspector_monkfish

purch wrote: »

It already is.

We are just kidding ourselves if we believe otherwise.

They will continue to humour us, whilst they still need us to consume what they produce and bring their workforce into full and economic employment.

Then what ??

sounds like a plot for a Bond film....;)

Thrugelmir

purch wrote: »

It already is.

We are just kidding ourselves if we believe otherwise.

They will continue to humour us, whilst they still need us to consume what they produce and bring their workforce into full and economic employment.

Then what ??

Our industry will end up processing toxic waste and other not so pleasant tasks...

chucky

Thrugelmir wrote: »

Not if the centre of the universe changes.

We may well witness significant changes in the years to come. The era of dominance by Western economies may be over.

if that happens and that is a very big if - it won;t happen in our generation. that kind of shift will take a good number of years.

Generali

inspector_monkfish wrote: »

from what i understand, most of what was set up in india is a shambles, and being returned to london


you still won't be able to bend the fact that when london opens it is there for the last few hours of the far east markets, and when the septics arrive there are still a few hours left to trade with london

that alone, is priceless

Indians will take the night bus for a fraction of what a Londoner wants to get on the 8.05.

What goes to India can be a shambles and can be just as good as London, depending on how it's done.

I was a part of outsourcing with 2 investment banks.

IB1 (not doing so well now but well thought of at the time) saw outsourcing as a way to slash costs quickly and gain a quick advantage over rivals. They got a bunch of Indian post-grads over to London for 6 weeks, put them on subsistence expenses (couldn't afford to go to the pub with the rest of us for example) and expected them to take on a job that takes perhaps a year to learn properly.

IB2 (doing very well now) saw outsourcing as a way to cut costs and improve client service. Rented some flats in Clerkenwell and put Indian staff up there on London wages for 6 months. They were encouraged to socialise with London staff au pub and on the sports field. A year after the jobs went to India from a client or internal bank person POV there was non difference between the Indians and the Londoners.