After ‘Brexit,’ Finding a New London for the Financial World to Call Home
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.
.. Every financial services executive I interviewed mentioned an intangible factor: French hostility to the wealthy. President François Hollande tried to impose a 75 percent “wealth tax,” which prompted an exodus of rich French citizens before Mr. Hollande dropped the proposal.
“All the noise coming out of the Élysée Palace the last few years has been that France wants to tax or regulate financial service companies out of business,” Mr. Yeandle said. “Financial services people are furious.”
.. Even as most people I spoke with said Frankfurt would most likely emerge as the next London, they didn’t seem very enthusiastic about it. Some already think there’s too much power in Germany — and that London has acted as a financial counterbalance.
.. 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 Several bankers told me that unless the Dutch repealed the cap, they wouldn’t consider moving to Amsterdam.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.”