Expats Exodus Grows - But Not From Japan

Flight

CNBC reports that the expat exodus from Bahrain is growing after the government clampdown on protesters demanding more democratic rights.

With Bahraini forces using tanks and helicopters to drive the protesters from the streets, expats have been heading for the airport, as fears of civil war grow and a State of Emergency has been declared.

Firms like HSBC, Standard Chartered, Credit Agricole and Norton Rose have closed offices during this week, and many wonder just how long some of the large corporates will remain in the country if the violence continues.

In the meantime, Bloomberg reports that some BNP Paribas and Blackstone staff have been busy packing up and leaving Japan in the wake of the radiation threat there.

And the news agency also reports that Fidelity is moving 1,100 staff from Massachusetts to New Hampshire and Rhode Island, and that Massachusetts isn't too happy about it, pointing out the firm enjoyed 'massive tax breaks' to remain there. State Senate chairman of the Post Audit Committee is now demanding a 'significant clawback'.

Fidelity, however, says that it has 'met and exceeded our commitments to the state and will continue to do so in the future'.

The New York Post reports that former Morgan Stanley President Zoe Cruz is said to be having a difficult time at Voras Capital, her new hedge fund. According to the newspaper's sources, 'several key employees have either left or plan to leave the firm'.

Finally, Bloomberg mentions that former Bear Stearns staff are now running business units at the likes of Bank of America and Goldman Sachs, and that several talented ex-firm professionals have popped up in senior roles at rival firms all around the world.

And the news agency has a good quote from Jeanne Branthover, MD at Boyden Global Executive Search in New York, who said: 'That’s Wall Street. Maybe the rest of the world looks at it negatively, to have been associated with Bear Stearns, but if we didn’t have these types of survivors and Wall Street couldn’t reinvent itself, we as a country wouldn’t survive'.

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