New York has overtaken London as the world's most attractive financial center, a survey said on Wednesday, 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, since it might mean banks and insurers lose access to the European Union, the world's biggest trading bloc.
New York took first place, followed by London, Hong Kong and Singapore in the Z/Yen global financial centers index, which ranks 100 centers on factors such as infrastructure and access to quality staff.
London's score fell by eight points from six months ago, the biggest decline among the top contenders. The survey's authors said this reflected the uncertainty around Britain's EU departure on March 29 next year.
"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, told Reuters. "The fear of losing business to other centers is driving the slight decline and people are concerned about London's competitiveness."