Banking analyst Richard Bove says that the determination of New York politicians to get rid of greedy bankers is not only working, it's turning Wall Street into a financial ghost town.
"The hue and cry to get those rich bankers will never die in old New York," Bove writes in a note to investors. "It will not die until there are no bankers left on Wall Street."
There are no major banking firms headquartered on the physical location known as Wall Street, says Bove, and the two major brokerage firms left in New York have indicated that they intend to cut their costs by a billion dollars apiece in the next three years.
"To do this they will reduce employment in New York," Bove says. "They will move functions to India, China, and Japan."
"The fact that the physical place known as Wall Street is no longer the conceptual place known as Wall Street is significant. It reflects that the conceptual Wall Street is leaving New York and the United States."
New York politicians know what their constituents want, says Bove.
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“They want the financial industry punished,” he says. “They want Wall Street moguls punished.”
“They want the CEO of the largest financial companies in the world to make less money than the third baseman of the New York Yankees.”
Reuters reports that hundreds of bankers will lose their jobs over coming weeks, victims of what senior bosses say is likely to be an industry-wide culling of staff in response to a sharp downturn in demand for trading and investment banking services.
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