Going, or are they?

Posted on

FT.com / Financials - Tullett offers brokers chance to move from UK.

Tullett Prebon has offered its entire broking staff the chance to relocate from Britain in a sign of the fallout from the government’s 50 per cent “supertax” on bank bonuses.

The broker has also been studying the possibility of moving its corporate headquarters abroad. No decision is thought imminent.

Nigel Szembel, of Tullett, said: “The board has concluded that it is in the best interests of shareholders to respond to requests from desks to relocate out of the UK, and will seek to facilitate, where possible and appropriate, relocation to the company’s other offices worldwide, which have more certain taxation regimes.”

Now let's note what this broker does:

Tullett Prebon operates as an intermediary in wholesale financial markets facilitating the trading activities of its clients, in particular commercial and investment banks. The business now covers the following major product groups: Volatility, Rates, Non Banking & Sterling Cash, Treasury, Energy, Environmental, Credit, and Equities. Tullett Prebon's electronic broking division offers electronic solutions to these products. In addition to its brokerage services, Tullett Prebon offers a variety of market information services through its IDB Market Data division, Tullett Prebon Information.

So they trdae in a great deal of what is 'socially useless'.

Please feel free to go.

It will be very interesting to note how many actually do.