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Future of Continental European Economy


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spygirl

Naval boats in the Channel ...

Couple of daft articles in FT, that would never have published with the old editor, legion d honour tosser.

Finance jobs stayed in London after Brexit vote

Exclusive: FT survey of banks and asset managers finds employment shift to EU is yet to happen

https://www.ft.com/content/0c7c2597-4afd-4ade-bc19-02c3bbc53daf

Initial warnings that tens of thousands of jobs would leave the City as a result of the 2016 Brexit vote have been drastically scaled back. An FT survey of 24 large international banks and asset managers found that the majority had increased their London headcount over the past five years.

Twelve overseas-based banks, which employed about 71,000 people in London five years ago, now have a reduced headcount of about 65,000. But most of the decline came from group-wide restructurings at Credit Suisse, Deutsche Bank and Nomura.

Whoops.

French rival BNP Paribas has increased its headcount in the UK. Japan’s MUFG has added a net 400 jobs in London. Goldman Sachs has gone up by about 900 staff in London since the end of 2015, even as it added 500 jobs in the EU, by hiring for its core businesses and new areas including consumer banking and cash management.

Employing people in Europe is fucking hell. Or rather, laying off people in large number of countries is almost impossible.



“We were totally sticking our finger in the air,” said a former senior executive at one of the top banks. “Everybody said 1,000. They thought if they said hundreds, nobody would believe them.”

The issue is, the future of finsec jobs is shit, at least the mass 100k+.

Finsec faces higher regulation n lower leverage.

The jobs are not going to Paris or FF, they are being automated, done by software.

The rate at which this has occurred in since 2007 has been huge.

And yet London still has a lot of people employed in finsec.

 

Moving on from finsec, if you want to run a software heavy operation, you run it in the UK.

Yes, I know theres some in Sweden, Sap in Germany, but that's about it.

I know more continental Europeans working in the US than I do in Europe.

The income taxes and regulation drives tge hugh earning, high skilled away from Europe.

The ckusterfuck of ECB zirp is destroying European banks. Which is a problem when Eurooes company mainly use bank borrowing.

 

Spain, Portgual n Italy are imploding, going ex growth.

EE have most of tgere under 50s in the UK.

Germany has had a good run with China. But that appears to over now. And its left with an industry built around expensive gas guzzling petrol engines.

France is fucked, relying on German money to project French politics into Europe. No longer viable as Europe has too many members not sold on Frznco-German ideals.

And the socio-political state of France is beyond a joke.

Theres no more political parties left in France. Gone. only 2 Pols left - Micron, who everyone hates, and Le Pen.

 

 

 

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Harley
1 hour ago, spygirl said:

Couple of daft articles in FT, that would never have published with the old editor, legion d honour tosser

Could you clarify that please?  Are things getting better?  I took out a sub to the FT this/last year and was shocked how (IMO) woke and remainer it was.  That almost campaiging bias (whether right or wrong) made it useless as a source, especially when the way it is was trotted out seemed (IMO) to lack facts, analysis, etc - the very thing I looked for it to deliver over the rest (its USP).  Totally not what I expected and that was when I decided the whole MSM, wall to wall, was no fit for my purpose.  Sure some jewels there but pointless if you have to constantly watch your back.  And not limited to the main title with FT Adviser full on ESG, etc.

PS:  Even Investing.com had an article this week simply stating:

"A Brexit without a trade deal would damage the economies of Europe, send shockwaves through financial markets, snarl borders and sow chaos through the delicate supply chains which stretch across Europe and beyond".

It just hung there, let alone saying "would".  When I read something I first ask what was the point of writing it.

PPS:  FFS, they just inserted the very same paragraph into their latest Brexit article!

 

Edited by Harley
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spygirl
3 minutes ago, Harley said:

Could you clarify that please?  Are things getting better?  I took out a sub to the FT this/last year and was shocked how (IMO) woke and remainer it was.  That almost campaiging bias (whether right or wrong) made it useless as a source, especially when the way it is was trotted out seemed (IMO) to lack facts, analysis, etc - the very thing I looked for it to deliver over the rest (its USP).  Totally not what I expected and that was when I decided the whole MSM, wall to wall, was no fit for my purpose.

Its improved.

I tend to only read the companies n market section, avoiding all Opinion bar Lex, which is very good.

The old editor, Lionel Barber iirc was an embarrassment. 

Some of the comoany jnvedtifpgation - esp Wirecard have been worth it.

It's like most stuff- check tge headline, check the writer, decide whether to bin it.

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Yadda yadda yadda
10 hours ago, Harley said:

Could you clarify that please?  Are things getting better?  I took out a sub to the FT this/last year and was shocked how (IMO) woke and remainer it was.  That almost campaiging bias (whether right or wrong) made it useless as a source, especially when the way it is was trotted out seemed (IMO) to lack facts, analysis, etc - the very thing I looked for it to deliver over the rest (its USP).  Totally not what I expected and that was when I decided the whole MSM, wall to wall, was no fit for my purpose.  Sure some jewels there but pointless if you have to constantly watch your back.  And not limited to the main title with FT Adviser full on ESG, etc.

PS:  Even Investing.com had an article this week simply stating:

"A Brexit without a trade deal would damage the economies of Europe, send shockwaves through financial markets, snarl borders and sow chaos through the delicate supply chains which stretch across Europe and beyond".

It just hung there, let alone saying "would".  When I read something I first ask what was the point of writing it.

PPS:  FFS, they just inserted the very same paragraph into their latest Brexit article!

 

I just look at the headlines online as I'm not paying for it in its current state. There is absolute shocking nonsense in there. From Friday, "Why (someone I've not heard of) is a force for good". What is a financial paper doing making value judgements about goodness? Stick to fact and analysis. That can include analysing public perception of all sorts of things. It doesn't include stating that someone is a force for good. A force for shareholder returns, I might read that.

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The banks not moving to Europe is most likely the fear of imprisonment.. 🤣

In good old blighty they can get away with anything.. 

 

They are the economy.. we dont have fuck all else.. 

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