Quote:
Originally Posted by newflyer
As I work in the industry .. I can assure you there has been significant expansion of Investment Banking in the city in the last 3 years. Thats not to say it didnd't exsist before 2005, but it has grown a great deal since.
I guess you are among the 23 yr old who can't follow history... even if it is very rescent.
This is not to say that everyone will be closing shop... but they will be looking to trim if major business financing is no longer required.... or even availiable for that matter.
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Of course (what HASN'T expanded significantly here in the past 3 years), but 2 years ago people weren't setting up shop on the expectation of $130 oil. At least not anyone with any sense of history - or common sense.
Note that for most of the past 3 years, oil was around $60-70/bbl - exactly where it is today. So everyone coming here because oil hit new highs of $60-70, but now they're all going to pack up because oil is back down to the value that they moved here in the first place? I don't buy it.
I think there's a lot more going on beyond "everyone came here for $130 oil". Unless everyone in the financial industry is a lunatic who honestly believed oil prices could never drop.