Posted by Leonard Steinberg on March 15th, 2015

New York has ousted London amid growing regulation, scandals and EU concerns as the world’s top financial center. The top 4 cities in the twice-yearly survey by consultancy Z/Yen Group remain the same: London, New York, Singapore and Hong Kong. London has held on to the lead over New York, with the two Asian centers gradually closing the gap…..but not anymore.

The crackdown on bankers’ bonuses was a factor influencing this shift, a strong message to all that those in the global financial world can pick up and move to cities that are less restrictive. I personally have experienced a few bankers moving back to New York from London recently: is this a growing trend? The timing could be great with a weakened dollar and rising Manhattan luxury real estate inventories. New York will certainly feel cheap to anyone coming from London.

Lets hope that the extremist liberals of our City in their righteous indignation do not prevail and scare away those in the financial sector, a huge source of tax revenues for the City.