Inside views on the jobs market
from Summit Notebook:
By Neil Chatterjee
The U.S. has promised it will hunt down tax evaders.
And it seems tax evaders are on the run.
DBS bank, based in the growing offshore financial centre of
Singapore, told Reuters it had been approached by U.S. citizens
asking for its private banking services. But when told they would
have to sign U.S. tax declaration forms, the potential clients
Swiss banks also approached DBS on the hope they could
offload troublesome U.S. clients to a location that so far has
not been reached by the strong arms of Washington or Brussels.
DBS said no thanks. In fact many private banks and boutique
advisors now seem to be avoiding U.S. clients.
Will this spread to other nationalities, as governments
invest in tax spies and tax havens invest in white paint?
Is this the end of offshore private private banking?
It’s funny how the stock market manages to tell a story. This week’s euphoric pre-election surge is all but a memory now, with stocks back in their all-too-familiar slump. If Wall Street could talk, it would be saying: ”You’ve got your work cut out for you, Obama.”
Indeed, the President-elect faces what is likely the most daunting list of challenges ever faced by an incoming administration — and America’s precarious job situation is chief among them. A report by outplacement firm Challenger, Gray & Christmas indicates that planned layoffs surged to their highest level in nearly five years during October, with cuts in the finance industry leading the way. Meanwhile, the private job sector took a hit to the tune of 157,000 lost jobs last month, with signs pointing to further deterioration to come.