You don't make spending decisions, investment decisions, hiring decisions, or whether-you're-going-to-look-for-a-job decisions when you don't know what's going to happen.

We can be certain that cities around the world will compete for the jobs that the next revival of the financial services industry will bring.

Nobody wants a job where they don't have authority to go along with the responsibility. Quite the contrary. The more authority you give people, the better people you can attract, and the harder they're going to work, and the more loyal they are going to be.