US
Trafigura has moved all its traders from London to Geneva so that they can be together, ‘under one roof.’ According to Reuters, the displacement’s a done deal: it happened last week.
But not everyone likes Switzerland. In January, Frederic Denjoy, a trader at Brevan Howard, who moved to Switzerland in 2010, moved back to London again – even though he’s half Swiss. And when BlueCrest tried to move some of its traders to Geneva a few years ago, headhunters reported that some of them started looking for alternative jobs in Mayfair instead.
Similarly, there are reports of financiers pining for London after finding a stifling lifestyle and petty rules that are rigidly enforced in Geneva.
So what if you’re a Trafigura trader and you really don’t want to go?
Most banks are reluctant to increase their commodities headcount this year after a difficult 2010.
Outside of the banking sector, however, it’s looking a little more buoyant.
Speculation is mounting that Glencore’s flotation will encourage hiring and recruiters say Mercuria, Cargill, BHP Billiton, Bunge and Louis Dreyfus are all hiring.
There are also opportunities with commodity brokers, with Marex Group continuing its London hiring spree – it plans to add 55 staff in London this year. ICAP is also rumoured to be building its commodities team.
Trafigura refugees may find themselves competing against banks’ commodities traders for these roles. Greg Beszant, head of commodities at recruitment firm Selby Jennings says people are keen to get out of banks and into commodities houses. It helps that commodities houses will sometimes offer a percentage package. Banks, generally, won’t.
Move to switzerland and you will never want to return to the dirty, overcrowded, broken cesspit which is London.
Seriously, I can’t imagine how I ever used the Tube now.
well M&A “Master”, i too moved to Swiss, and people, be warned of the cultural narrowing u get here. Geneva has no entertainment for people in their thirties. Moving from one job to another is difficult since turnover is very low in companies here (Geneva, Zurich is more dynamic, but gotta cope with germanic culture). Chicks are either conservative and dull or gold digging. You get suspicious questions if you do less than 3 years in the same firm. Honestly, i DO miss a lot from London. Except for the fatty food.
The Swiss are arrogant folks, especially those in Geneva.
Geneva is dull…agreed, Zurich’s where it’s at.
I don’t get why HFs go with the Oil firms to Geneva where tax is higher.
There are tons of other Americans/Brits in Zurich with the banks and loads to do.
Having lived in both, Geneva destroys London on quality of life. If you’re some wide boy idiot that’s managed to get into financial services you will obviously be out of your depth in Switzerland, having to actually seek out things to do. London obviously has more on offer given the size differences but I’d still rather be in GVA.
@lived in more places:
lived and worked in 5 countries, 3 continents. One word to describe you: Presomptuous. You fit perfectly well in Geneva. London s quality of life can be bad and good, with things in between. You could live 500 yards from work as i did. I, on the other side, was pinpointing drawbacks of Geneva instead of a global “quality of life” that doesnt mean anything.. Bottom line is: you dont speak french(i do, natively)? good luck. You want to be able to move to competitor to play with your compensation? forget it.. Here pple often stay 10 years in the same role at least. 4 clubs in the city. No shops open on sunday and closing at 5 on saturdays. 4. good skiing tho. my 2 cents. I m considering the alternatives.
Zurich and Geneva are both a bore..wideboy or not. Someone mentions chicks being dull, couldn’t agree more and entertainment is almost non-existent. No wonder suicide rates are so high
By the way Cargill (staff of 550), Mercuria (180), Bunge (250) and Louis Dreyfus (250) are all in Geneva. Add Totsa/Total, Litasco/Lukoil, Vitol, soon TNK-BP. Also Archer Miland Daniels, Ecom Trading, etc.. Commodity trading has been around for decades in the Geneva / Lausanne region. So don’t think that it all happened in the last two years because of UK taxes. There is also substance to it.
‘old up son. you sayin dat dere aint no strip clubs or casinos in geneva?
hey wideboy..i m too fit and young for paying for either sex or strips. But there are (st)ripp offs indeed in all of Switzerland. Prostitution is more than legal here..you never know if a hot woman is an escort or regular cutie here in a club or a cafe terrasse
..and keep in mind: Switzerland is not a save haven for Trafigura-traders
http://www.thisislondon.co.uk/standard/article-23924475-jail-for-thug-who-killed-british-trader-on-business-trip.do
Sounds like opening a decent bar/restaurant and night club in Geneva would be a decent business opportunity.
Moved from London to Zurich over a year ago and money is awesome and so is the firm I work for but man… there is not a single day where i curse the day I made the decisicion to come to Zurich. Seems so nice and good reputation from the outside but once you live here you notice its all quite horrible.
I know it sounds extreme and I understand lots of ppl like it here but its definitely not my cup of tea. I miss London so so terribly.
I’m Swiss, in London now and leaving soon. Love it or leave it, same for Switzerland. In my view Zurich night life is extremely good. Ok Geneva is quite dull from what I know. The Economist article is rubbish, clichés. Of course you have difficulty finding friends if you don’t make an effort and if you live in an expat bubble. Switzerland is obviously not an English speaking country. If it were, we would be flooded with Brits of all trades, like the Germans that come to Switzerland, which is great for the economy.