London’s Status as Financial Hub Suffers (CNBC)

New York set to overtake London this year as city with most financial services workers; Hong Kong close behind.

New York is expected to replace London as the city with the most financial services employees this year, according to research from by the Centre for Economics and Business Research (CEBR) in the U.K., which predicts Hong Kong could surpass London by 2015, CNBC reports.

London has had the most financial services jobs of any city in the world since the start of this century. But it has suffered from the regulatory efforts that followed the financial crisis, as well as from the current European debt crisis. In addition, this year U.K. financial institutions have been hit by allegations that Libor was manipulated and by money-laundering charges.

The CEBR estimates City employees were awarded an average bonus of 6,749 pounds ($10,728) in 2011, the lowest level since 2004, and it sees even smaller bonuses this year.

 

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