Financial groups are betting on New York rather than London being the big winner from Brexit, a new survey of senior executives has found.
Confidence in the UK’s position as a global financial centre is weakening among professionals around the world, according to a new survey by Duff & Phelps, the corporate financial advisory firm.
While 36 per cent named London the pre-eminent financial hub this year compared with 58 per cent picking New York, that figure plummeted when it came to forecasting the world’s most important financial centre in five years’ time.
Just 16 per cent of respondents chose London to top the table in 2022 but those picking New York remained steady, according to the survey of 183 senior executives at investment banks and asset managers across the globe.
Roughly 390,000 people currently work in financial services in London, compared with 330,000 in New York, according to the Bank of England.
The UK is due within a matter of weeks to trigger the official Article 50 two-year divorce proceedings by which it will leave the EU. The Duff & Phelps findings come after recent upbeat statements from financial companies. Jes Staley, the chief executive of Barclays, said last week that the bank believes London will retain its position as Europe’s financial hub, while Unigestion, the Swiss investment house, has made similar statements. [...]
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