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<nettime> London's Replacement as City of Cupidity
John Young on Sun, 3 Jul 2016 01:00:42 +0200 (CEST)

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<nettime> London's Replacement as City of Cupidity


After 'Brexit,' Finding a New London for the Financial World to Call Home

James B. Stewart June 30, 2016

"One executive in charge of relocation (who like 
the others, spoke only on condition of anonymity 
because of the political sensitivity of the 
issue) said the percentage of employees in his 
firm who might be required to move ranged from 10 
percent to 40 percent. 'Multiply that throughout 
the industry and it's tens of thousands of people 
and their families,' he said. 'And bear in mind 
that most of these people are millionaires.' "

"Here are the criteria most frequently mentioned:
English-language facility, which is essential for
attracting a global work force; a favorable
regulatory environment, especially regarding
employment; excellent transportation and
communications infrastructure; availability of
prime office space and luxury housing; good
schools; good restaurants and cultural offerings;
and finally, an intangible quality that includes a
certain energy level and openness to an influx of
highly paid, competitive City of London-Wall
Street types."

"I scored numerous cities in the European Union on
a 60-point scale: five points for office space and
housing, five points for restaurants and cultural
offerings ­ because it's easier for any city to
build new offices and housing, and import talented
chefs and entertainers ­ and 10 points for each of
the others."

Amsterdam is the winner, except:

"The problem? Badly hurt by the financial crisis,
the Dutch have capped bankers' bonuses at just 20
percent of their annual salaries ­ a far more
drastic curb than was imposed by the European
Union. Several bankers told me that unless the
Dutch repealed the cap, they wouldn't consider
moving to Amsterdam. "I'd love to relocate to
Amsterdam," one top executive told me. "But I
don't think we're wanted there."

"Out of curiosity, I examined the same criteria 
and scored London itself. The result?"

"London earns a near-perfect 58 points."

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