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London worst place to do business, say top bankers
Saturday February 04, 2012 08:20:04 PM,
IANS
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London: The continuing
row over bonuses is damaging Britain's reputation as a place to do
business, leading international bankers has warned.
Ministers have been accused of trying to gain public favour this
week by stripping former RBS chief Fred Goodwin of his knighthood
and pressurising current RBS chief executive Stephen Hester to
reject a 1 million pound bonus, Daily Mail reported.
One senior executive at a Wall Street bank told The Times: "London
is now the worst major centre in the world to do banking."
The anti-banking bandwagon is only set to worsen in the next few
days with the bonus announcement of Bob Diamond, Barclays chief
executive.
Directors of privately-owned banks are concerned public pressure
will be put on them to reduce or reject annual bonuses in the light
of Hester's decision to waive a bonus this week.
Investment banker Nicola Horlick, a university friend of Hester has
warned against a "witchhunt" towards bankers.
"You shouldn't underestimate the importance of financial services to
the country," she told The Times. "Without it we would be in dire
straits. Let's not kill the golden goose that saved the country."
Hester, chief executive of the 82 percent publicly-owned Royal Bank
of Scotland was the subject of sustained calls from government
ministers and Ed Miliband, the Labour leader, to relinquish a bonus
at such a politically-sensitive time.
The fear is that banks will leave the City of London altogether, in
favour of more favourable treatment in Asia or America -- a move
which would be catastrophic for the British economy in terms of jobs
and investment, the Mail added Saturday.
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