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  #41  
Old Posted Nov 3, 2008, 7:15 PM
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Originally Posted by h0twired View Post
Morgan Stanley, Citibank, Lehman, Credit Suisse and others all moved into Calgary around early 2005 when oil was around the $50-60 mark.

I was personally involved in helping them set setup to start trading Natural Gas at the time and know many commodities traders that left their jobs at more traditional trading floors to start trading for these investment banks.

The comment about them only being here for $130 oil is VERY incorrect.

First of all I won't discuss the tiny satallite forign offices.. but take it from me that for the overwelming majority of major corportae finanacing in this city is handled by the major Canadian major banks.

In terms of this discussion of diversity .. Calgary Financal Banking industry is closely linked the oil.
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  #42  
Old Posted Nov 3, 2008, 8:13 PM
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Originally Posted by newflyer View Post
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.
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.
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  #43  
Old Posted Nov 3, 2008, 8:37 PM
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Originally Posted by newflyer View Post
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.
I have been working in the Natural Gas marketing field in Calgary since 2000.

Sure things have ramped up over the past 3-4 years. However the investment banks won't be closing up shop because of low oil and gas prices. They will hang around because they know the key to making money is liquidity and volatility. Not high prices.
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