New York has replaced London as the world’s top financial center as Brexit saps the confidence of U.K. industry professionals, according to a survey.
Britain’s capital fell to second place in the Global Financial Centres Index published Wednesday by research firm Z/Yen and the China Development Institute. Zurich, Frankfurt, Amsterdam, Vienna and Milan all moved up the rankings, benefiting from uncertainty over the terms of the U.K.’s divorce from the European Union.
While EU chief negotiator Michel Barnier has said that a deal for an orderly Brexit is possible within weeks, the lack of concrete withdrawal terms is causing deep concern for finance companies. Some of the world’s largest banks are already putting contingency plans into action as they prepare for a messy departure by the U.K.
Dublin, Munich and Hamburg all fell in the rankings, which the analysts said was surprising given that they’ve succeeded in luring business away from London in the run-up to Brexit. The survey, based on responses from more than 2,400 industry participants, also noted that a long-term trend has been the “consistent and persistent rise of Asian centers.”
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