POLL RESULTS: Confidence in the City of London ‘damaged’

Confidence in the City of London has been damaged by a spate of unfortunate financial events over the past year, according to 76% of respondents to a recent Metal Bulletin poll.

Metal Bulletin asked participants: To what extent has the handling of the MF Global bankruptcy, UBS’ rogue trading scandal and JP Morgan’s harpooning of the London Whale damaged your confidence in the City as a global financial hub?

A huge 40% of respondents answered “moderately”, stating that these events show that global banks are using London to take risks they could not take elsewhere.

A further 21% said “slightly”, adding that large losses and the slow recovery of client cash suggest that the regulatory framework “could be stronger”.

At 15%, relatively few respondents answered “drastically”.

A significant 23% of respondents, however, claimed that these events “could have happened anywhere”, and the reputation of the City has not been damaged at all as a result.

Check out the Metal Bulletin homepage or our LinkedIn group for the latest Metal Bulletin poll.

Fleur Ritzema
fritzema@metalbulletin.com
Twitter: FleurRitzema_MB