NY stretches lead over London as top finance centre
New York is extending its lead over London as the world's most important financial centre as the City reels under a string of scandals and question marks over Britain's continued membership of the European Union.
New York is extending its lead over London as the world's most important financial centre as the City reels under a string of scandals and question marks over Britain's continued membership of the European Union.
New York was picked for the top spot by 59 per cent of respondents, against 38 per cent who named London, according to a Kinetic Partners survey of almost 300 finance professionals carried out for the consultancy's 2015 Global Regulatory Outlook, published yesterday.
The US city went into the lead last year, when 49 per cent named it as the pre-eminent financial centre and 44 per cent said London.
"This shift from just two years ago is a testament to the resilience of the New York market," said Julian Korek, the chief executive of Kinetic. "New York has proven that it can draw and maintain institutions that believe it is the best place to grow their businesses."
Financial institutions rigging benchmark indices, at least £22 billion (HK$267 billion) paid by British banks as restitution for mis-selling insurance and the populist tide flowing against EU membership and foreigners have combined to tarnish Britain's image.
The outcome of the Kinetic survey underlines the finding of a poll by Z/Yen Group in March that showed New York replacing London as the world's leading financial centre for the first time.