SimonC
Distinguished Member
- Joined
- Jan 13, 2007
- Messages
- 2,476
- Reaction score
- 2,846
What can I say, could brown shoes be the explaination for this:
Financial TimesNY unable to regain lost business, says top bankerIt will be virtually impossible for New York to recapture the banking business that has recently moved away from the US to places such as London, a senior US banker has warned. The best New York can hope for is to slow or stabilise this financial flight by implementing regulatory reform, said Thomas Russo, vice-chairman of Lehman Brothers. "The key question is whether this trend can be slowed or stabilised. There is some chance of that. But it probably cannot be reversed," he said, speaking on the fringes of the annual World Economic Forum in Davos. "That means we will pay a price in jobs, just as we are seeing with the auto sector. Once you lose something, it is very hard to get it back."