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London can take it

There may be a slowing of financial globalisation. But neither Anglo-American finance nor the City can be written off

By Simon Nixon   November 2008

Of course, the City will never be the same again. It is going to shrink. Earlier this year, JP Morgan was predicting 40,000 jobs would go in the square mile—a number that will surely rise following the autumn meltdown. Once lucrative activities such as securitisation and credit derivatives are being slashed; many hedge funds, private equity groups and other businesses that depend on debt will disappear. Meanwhile, traditional City deal-making will grind to a halt as the recessionary effects of global deleveraging start to bite.

But these problems are not unique to London, and nor will they determine whether the…

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