7 ms·
They are forgetting the main problem: Traders/Bankers (for the most part) want to live in London, not Paris. It is similar to the article on HN a few days ago
by hodder 10y ago
They are forgetting the main problem: Traders/Bankers (for the most part) want to live in London, not Paris.
It is similar to the article on HN a few days ago shttps://news.ycombinator.com/item?id=13426822aying https://news.ycombinator.com/item?id=13426822aying Montreal is taking over AI. That is highly unlikely to happen as programmers rather enjoy California.
- a3n 10y agoI wonder if there are German and French speaking people who would like to be traders and bankers.
- ivraatiems 10y agoThey do right now. Ultimately, they'll go wherever the most lucrative trading can be done.
- bowersbros 10y agoThere is a 2hr train from London to Paris. It is possible that some traders would commute that, it isn't an unheard of distance. It would be tricky without freedom of movement etc, but it is doable.
- simonbarker87 10y agoYep, my father in law used to work at the Bank of England and commute 2 hours each way on the train tp be at his desk for 7:30 am and home for 8:30 pm - horrible but doable
- mastermachetier 10y agoMy commute is between 1 to 2 hours depending on the day and time and I am only traveling 40 miles. I'd rather take a train for two hours seems certainly doable.
- billybofh 10y agoMy commute is ~1hr and I'm only going around three miles. I could go on at length about the joys of the bus system... ;-)
- Symbiote 10y ago3 miles? You could easily walk that in an hour, I'd probably walk it in 45 minutes.
- deleted 10y ago[deleted]
- m_t 10y agoYou have to get 45 minutes earlier at the station for passport and luggage control. And you also have to factor the time to go from home to St Pancras, and then from Gare du Nord to your office. Practically, it's a way longer commute.
- charlesdm 10y agoIt's the timezone difference that makes it tiring.
- cm2187 10y agoI did that for 3 months. Freedom of mvt isn't the problem (the UK being outside of Schengen, you always had passport controls). But it is extremely tiring on the long run.
- bowersbros 10y agoI agree. There are a lot of people already who commute to London from, say, Manchester on a Monday, and back on a Friday, and stay away for the work-week. That is also a possibility
- hayd 10y agoIt's an expensive journey.
- bowersbros 10y agoBankers are often pretty well paid, and probably would be compensated (at least in the short term) for inconvenience and cost, until they can be relocated or similar
- sfifs 10y agoGiven you're talking about some of the highest paid people. they could just stay in Paris Monday to Friday and commute to London for the Weekend
- flurdy 10y agoDoable for short time, but you also have to get to and from the Eurostar train stations. For me it would be 2 hours just to get to Paddington... But if you have an office close to Gare du Nord and a flat close to Paddington or opposite then it is workable. And one train journey commute without changing trains is enjoyable. (ie sleepable/workable)
- renaudg 10y agoThe Eurostar is in St Pancras, not Paddington.
- flurdy 10y agoDoh, that is what I meant, no idea why I kept saying Paddington. Still upset it is not at Waterloo any more. That would have made it more attractive option for me. Will have to endure that train, tube, another tube or walk, then eurostar with all the kids & luggage entourage for a Disneyland Paris trip in a few months.
- Waterluvian 10y agoIt's interesting how perspective matters so much. I grew up in Ontario, work for a tech startup here. One visit to silicon valley convinced me that I never want to work there. I hated the culture, I hated the lazy weather and accompanying attitude. I hated driving everywhere. I hated the prices. Winter is probably a huge shock to many, but I think it builds character and can-do attitude. Plus hockey.
- celticninja 10y agoand snowboarding/skiing, building snowmen. weather (i.e varieties of it) is actually great, hot and sunny every day and spending a fortune on AC is not that appealing.
- rrdharan 10y agoSnowboarding/skiing options are a lot better in California than in Ontario. You can drive to Tahoe or you can cheaply and quickly fly to Utah (or Denver, Seattle, Jackson, ...). (Source: I grew up in Toronto and lived in California for 10 years)
- germinalphrase 10y agoWinter is also more manageable (or entirely enjoyable!) if you simply leave the house. Buy proper clothes, learn to layer and find something you enjoy doing outside (hockey, skating, skiing, camping). I too would go crazy if I stayed inside for months.
- celticninja 10y agoThere is no such thing as bad weather, only inappropriate clothing.
- kerryfalk 10y agoCome to Winnipeg. ;)
- gcp 10y agoDon't they want to live in London because it's a nice city where their employment opportunities are? If the latter moves, well, Paris is pretty nice too.
- trosi 10y agoThey prefer London because the jobs and the money are there. Will they prefer it in the future? Who knows. Plus, Paris is more beautiful and enjoyable (subjective, but I'm sure most would people would agree).
- ajmurmann 10y agoIsn't Paris also cheaper?
- charlesdm 10y agoTaxes are through the roof.
- seanieb 10y agoCompared to London?
- renaudg 10y agoNot as much as you'd think compared to the UK, when it comes to income tax for example. In the UK, you hit the 40% bracket from £43K, in France that's only at €71K ! Granted, France has a 30% bracket from 26-71K€, in the UK it's 20% from £11-43K. Capital gains taxes are slightly higher in France, so is corporation tax for big companies (much higher), and there are definitely higher labour taxes on French salaries, but there's no comparison in terms of what public services you get for that money (it includes unemployment insurance, child benefits, comprehensive health care, and a state pension you can actually live on, amongst other things)
- user5994461 10y agoThe France has a multi-layered tax system. The 41% is one of the layers. Before it there is a 20-25% layer that doesn't depend on your income ;) And it goes on...
- renaudg 10y ago
- mrec 10y agoI don't think bank employees would necessarily be averse to Paris (as opposed to, say, Frankfurt which is making similar plays for them), but I'm pretty sure banks as employers wouldn't want to go anywhere near French labour law.
- renaudg 10y agoFrench labour law is actually not significantly different from UK labour law for that kind of employees. Plus, Paris already is the first financial centre in the Eurozone.
- user5994461 10y agoWait till you see the higher tax bracket in France ;) Paris is a big no-no for any experienced enough bankers.
- JumpCrisscross 10y ago> Traders/Bankers (for the most part) want to live in London, not Paris Traders and bankers, for the most part, want to work where they can make money. My old firm's trading floor was in Connecticut. I, like most of us, preferred to live in New York. That meant hours-long commutes. On one hand, the firm had to pay us more to compensate for this. On the other hand, that amount was minuscule compared to the value we produced. This arrangement persisted--and continues to persist--despite New York City being both the economic and cultural centre of the Greater New York Area. Comparing London --> Paris to Silicon Valley --> Montreal is unfair. With the former, a material change has occurred to the attractiveness of London. With the latter, no such change has happened. A better comparison would emerge if California started seriously debating a large tax on California-based start-ups, expected to go effective in some unknown form over the next few years.
- Eridrus 10y agoI wonder if the office in CT is because more senior bankers have a family there?
- deleted 10y ago[deleted]
- didibus 10y agoHaving lived in both, I much prefer Montreal. The place gives me more joy and pleasure, and I'm happier there. It's mostly due to the people and their attitude towards life. Montrealers just want to have fun and be in good company. That said, jobs, pay and weather are better in California. I wish I could have both, but oh well.