Latest Issue

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…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect