New York now world’s best financial hub

Source: Xinhua | 2018-09-13

New York has overtaken London as the world’s most attractive financial center, a survey said yesterday, as Britain’s decision to leave the EU prompts banks to shift jobs out of the city to keep access to Europe’s single market.

Brexit poses the biggest challenge to the City of London’s finance industry since the 2007-2009 global crisis, as banks and insurers might lose access to the European Union.

New York took first place, followed by London, Hong Kong and Singapore in the Z/Yen global financial centers index, which ranks 100 hubs on factors such as infrastructure and access to quality staff.

London’s score fell by eight points from six months ago, the biggest fall among the top contenders.

“We are getting closer and closer to exit day and we still don’t know whether London will be able to trade with all the other European financial centers," Mark Yeandle, the co-creator of the index, said. “The fear of losing business to other centers is driving the slight decline and people are concerned about London’s competitiveness.”

The head of the City of London predicted in July that 3,500 to 12,000 financial jobs would go because of Brexit in the short-term and more might disappear later.