London still ranks as top financial centre

London still ranks as top financial centre.

London remains at the top of a six-monthly ranking of global financial centres by a consultancy firm, against a backdrop of merits as a money-making centre.

The UK capital has led the Global Financial Centres Index since its launch in 2007, despite the turmoil of the banking crisis and problems in the Euro-zone. However, even though people have been ranking London highly in previous surveys because of its reputation, more recently such reputation has been damaged by the performance of the economy and controversial issues such as Libor.

Notably, cities in the Euro-zone such as Paris, Munich, Amsterdam and Milan also suffered declines, as uncertainty in the currency bloc translating into a lack of confidence among finance professionals. For instance, Brussels’ rating fell by 44 points.

Meanwhile, respondents also commented on a brain drain from financial centres in the Euro-zone, as professionals are now lured to better prospects in Asia or London.

Interestingly, South American centres such as São Paulo and Buenos Aires rose in the rankings, reflecting a growing perception of their importance among financiers. Rio de Janeiro climbed 17 places in the table.


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