The good thing about this recession is that, deep and long as it may be, at least it’s egalitarian.
Just as the sound of wailing and gnashing teeth from the top UK firms has died down a little - despite some salacious whispering about ’double dipping’ - today brings news that the US contingent in the City are not doing a whole lot better (see story).
The travails of some, such as White & Case, have already been well documented. But with the top 10 American raiders seeing revenue fall by an average of 12 per cent, it seems like everyone is tightening their belt.
But given that the global performance of the top tier US firms has stayed relatively strong, maybe it’s the London factor that has caused all the problems. Which, if true, does not bode well for the UK firms about to unveil the extent of their damage.
Flak jackets at the ready in the Square Mile then.