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Europe Ends Week on an Upswing
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London, the biggest financial headquarters in Europe, has been severely affected by the fallout from the U.S. credit crunch. In Canary Wharf, the financial hub along the Thames where many of the biggest banks have glitzy offices, accountants and bankruptcy lawyers worked inside the 33-story Lehman building guarded by police.
Lehman's collapse Monday has left nearly 5,000 people in its London offices uncertain about their future.
"People are shocked at the speed of what is happening," said Jane McDonald, a lawyer with banking clients who works in Canary Wharf. Few think the bad news is over, she said, as she ate lunch amid thousands of others enjoying the afternoon sunshine along the docks and outdoor cafes. She said no one is rejoicing yet in the market rebound because "we want to know what is going to happen next."
Tom Rovery, who works in the Timpson shoe repair stall in the Canary wharf subway station, said of his customers, "You can see the worry in their face."
Two traders who didn't want to be named spent their lunch hour drinking pints of beer at the popular Slug and Lettuce bar. On their BlackBerrys, they forwarded joke headlines related to the U.S. government's efforts to halt the market slide, including "U.S. Treasury to insure good weather for a week," and "U.S. Treasury to insure personal happiness."
"At least we can joke today," said one trader, a 29-year-old who kept minute-by-minute watch on the market's climb. "If the market had gone down again, we might not be laughing."
At a men's tailored shirt shop beside Lehman's landmark building, shopkeeper Simon Dessalgen said the wild swings are unsettling and definitely not good for business. At least people who have lost their jobs now need crisp new shirts for job interviews, he said. "I don't know what a credit crunch is," the shopkeeper added with a tape measure around his neck in his empty store. "But I know when people aren't spending money like they used to."
Pan reported from Moscow. Special correspondent Karla Adam contributed to this report.
