Reply to: IS the finance industry in the UK permanently dead - or just ill?

[escapeUK]

Dead, not just UK, globally. Will always be jobs in it, but golden years are well and truly over, never to return.

So just like the UK overall then?

[Mich the Tester]

[snaw]

This^

Just like Contracting.

Couldn't comment, been a few years, and contracting out in Singapore pays less and are viewed with little regard. I'm 3 years+ permie now, quite enjoying it strangely enough.

[nomadd]

Dead, not just UK, globally. Will always be jobs in it, but golden years are well and truly over, never to return.

This^

Just like Contracting.

[snaw]

Dead, not just UK, globally. Will always be jobs in it, but golden years are well and truly over, never to return.

[Mich the Tester]

Was the industry ever really profitable?

It would be interesting to add up the profits of the major investment banks over the 10 years prior to the 2008 bust and compare with the losses racked up during the bail out.

Nassim Taleb argues that "with current International Monetary Fund estimates of the costs of the 2007-2008 subprime crisis, the banking system seems to have lost more on risk taking (from the failures of quantitative risk management) than every penny banks ever earned taking risks."
http://www.edge.org/3rd_culture/tale...b08_index.html

I don't know if he's right. Maybe those with more knowledge than me (or perhaps more than Nassim Taleb, which would really be a Black Swan on CUK) could enlighten me.

[Robinho]

It's resizing to a sensible size. Though the gov are doing their very best to try and prevent this.

[DimPrawn]

Was the industry ever really profitable?

It would be interesting to add up the profits of the major investment banks over the 10 years prior to the 2008 bust and compare with the losses racked up during the bail out.

WHS.

The only creation of wealth has been the creation of money supply. No net increase in "wealth" can ever come out of it.

[BlasterBates]

Was the industry ever really profitable?

It would be interesting to add up the profits of the major investment banks over the 10 years prior to the 2008 bust and compare with the losses racked up during the bail out.

[BrilloPad]

The city is probably dead. But those of us in Belgravia are doing great thanks.

[Lockhouse]

Investment banking in the UK is currently undergoing a structural change. I don't think anyone knows for sure exactly where it's going to end up only that it'll employ a great deal less people and certainly not be as lucrative for those working inside it.

Those people being made redundant from IBs now, a lot of them will never return to the industry.

[sasguru]

I think those criminals are doing just fine

HTH

Parasites that support the public backed casinos formally known as banks.

HTH BIDI

I always wonder at how easy it is to brainwash people.
All you're doing is spouting cliches trumpeted by the popular press, who are 99% innumerate and unanalytical.

[DimPrawn]

There's a lot more to it: apart from banking, there's Insurance, international professional services (accountants, lawyers), hedge funds, boutique consultancies

Parasites that support the public backed casinos formally known as banks.

HTH BIDI

[CheeseSlice]

There's a lot more to it: apart from banking, there's Insurance, international professional services (accountants, lawyers), hedge funds, boutique consultancies

I think those criminals are doing just fine

HTH

[sasguru]

When you mean "finance industry" do you actually mean state backed casino banking?

Privatise profits and nationalise losses. Seems to be a booming industry for the ultra wealthy who control the state.

There's a lot more to it: apart from banking, there's Insurance, international professional services (accountants, lawyers), hedge funds, boutique consultancies