As financial reform inches closer and closer to actually becoming law, certain Wall Street players have cried "competitive disadvantage," hinting that tough rules could end up driving the industry overseas.
New York City Mayor Michael Bloomberg, for his part, has been quick to complain that financial reform would hurt Wall Street and likely cost his city jobs. In any year, up to 10 percent of the city's revenue can come directly from Wall Street. Treasury Secretary Tim Geithner, however, has indicated that the Obama administration's financial reforms, including bank capital requirements, will be structured with foreign regulations in mind.
The idea that reform will force America's financial titans to shed jobs and put them at a competitive disadvantage to their foreign rivals has been a popular talking point for bankers. But, will that really happen? To get an idea of how likely or unlikely a mass expatriation of U.S. bankers might be, we did a quick analysis of the banker-friendliness of a handful of prominent world cities. The financial industry professionals who've already have their bags packed might not like what they find.
(For more information on the subject check out Deloitte's handy guide and data from the OECD.)