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New York replaces London as No 1 financial hub as Brexit bites

The Big Apple has overtaken the UK capital as the world's most attractive financial center, according to a new study.

Photo: Colourbox

New York has now taken London's place as the world's most attractive financial center, according to a study. Britain's decision to leave the European Union is prompting banks to shift jobs out of London's City district to preserve access to Europe's single market, writes The Independent newspaper.

Brexit poses the biggest challenge to the City of London's finance industry since the financial crisis, because it might mean banks and insurers lose access to the EU, 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 financial centers on factors such as infrastructure and access to quality staff.

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