NY overtakes London as world's top financial center in new survey

13 Septembre, 2018, 21:11 | Auteur: Auguste Feret
  • NY overtakes London as world's top financial center in new survey

London is now no longer the world's top financial centre, having lost its place to NY as the city grapples with the challenges of Brexit.

London's ranking fell by eight points from six months ago, the biggest decline among the top contenders.

Asian competitors are closing in, too, with Hong Kong only three points behind London, according to the Z/Yen Global Financial Centres Index. "The fear of losing business to other centres is driving the slight decline and people are concerned about London's competitiveness".

Around 5,000 roles are expected to be shifted or created in the European Union from London by March next year, when Britain exits the European Union, according to a study by Reuters published in March.

The head of the City of London financial district predicted in July that 3,500 to 12,000 financial jobs would go because of Brexit.

Many London executives have warned that the biggest threats to London are not from other European centres but from global competitors such as NY and Hong Kong.

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In the survey, almost 2,500 people working in the financial services industry were asked for their views of the relative strengths and weaknesses of 110 finance hubs. Most major United States, British and Japanese banks said they would build up operations in Frankfurt, Paris or Dublin.

Other European centres moved in the global rankings.

"In Western Europe, Zurich, Frankfurt, Amsterdam, Vienna, and Milan moved up the rankings significantly". "In a competitive world we can not afford complacency".

A Bank of England official expressed optimism on Wednesday about the future.

"These centres may be the main beneficiaries of the uncertainty caused by Brexit". "There may be some jobs moving as firms execute their contingency plans, but I don't expect the big picture to change".

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