London comes out on top again, as Morgan Stanely is shipping Walid Chammah, global head of M&A, across the pond. Morgan Stanley is the most relocation-happy out of the bulge brackets, now that London houses the bank's I-banking chief, securities division COO and global head of capital markets.
Some oft-stated reasons for the push, from breakingviews:
The reasons are manifold. First and foremost is London's geography. By straddling the time zones of Asia and North America, a globally-focused executive can wake up speaking with colleagues in Tokyo and pass the Jag ride home directing charges in New York. London is also more conveniently situated than New York for courting executives in Russia, China, the Middle East and India - the four horsemen of future industry growth.
The trend isn't just affecting top positions, and doing its best to scrape the bottom of the barrel. More and more banker and trader underlings are getting shipped from NYC to the UK, or taking exploratory mini-work-"vacations," to work a week or two in London. Some even say that the work environment in London as a result is becoming just as life-crushing, if not more so, than Wall Street. If anyone has any stories of the difference in work environment from any of these trips, comment or drop a line to *tips at dealbreaker dot com*.
Follow his Walid [breakingviews]
Posted by London Intern , Jul 26, 2007 11:39AM
London is a joke. I am interning in IBD at a bulge bracket firm here for the summer and it makes me laugh. I usually leave the office by 7 or 8 with the rest fo the team, there are the occasional late nights but never past midnight. I take 90 minute lunches, that's the way it is for every single person on my deal floor.
Posted by anon , Jul 26, 2007 11:49AM
what group?
Posted by Random Banker , Jul 26, 2007 12:06PM
3 to 1 he doesn't get an offer
Posted by Finbar Taggit , Jul 26, 2007 12:57PM
I would prefer to work in New York any day - the hours are shorter, it is much less stressful than London, the work ethic is stronger and the women are hotter.
However, the coffee tastes bad, the commute is horrible, and David Beckham lives on the same continent.
Posted by London Intern , Jul 27, 2007 12:54PM
I work in CMBS and for the record, I already received my offer. The only stress I have seen in London is the tube, far too many people. Don't mind the Londoners though they all feel really important but I must be honest the Americans run the show here....