Mood in Europe? Green Shoots Still Awaiting Sunlight

I spent a good part of last week in London meeting with various folks in finance. A hardy bunch for sure. I sense that their reaction to the market meltdown this past fall was a bit more reserved than we “sky is falling” Americans who slash and burn our budgets at the first sign of economic trouble. Not saying one is more right than the other. And there has been real economic hardship in Europe that, for now, shows little sign of abating.

But I sense, as I have here in the States, that there are signs of life for those involved with the markets. People I met with talked about the strategies they employed to “keep the lights on” during the difficulties, while awaiting the return of more substantive transactional activity for their investment banks. But several talked about real placements that have been completed in recent weeks. This is good.

Of course some things are ever such in the UK. In one meeting, where we were talking about some of the benefits of the US securities markets, the response started with, “Well, not to get all Colonial on you….” That’s OK, the friendship between Britain and the US is probably stronger for us than with any other nation. We need each other now, as they say, more than ever. In high finance, at least in the middle market world in which I live, the world gets smaller every day. And that’s a good thing.

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