Goldman Sachs has significantly
increased its EU presence post- Brexit, notably in Paris and Frankfurt. JPMorgan has also expanded its EU operations, adding senior bankers to its hubs in Paris, Frankfurt, Dublin, and Luxembourg. Indeed, while it lacks the
glitz of Dubai or the scale of Singapore, Dublin has emerged as one of the beneficiaries of Brexit. EU passporting rights, a familiar legal environment, and favourable corporate tax rates make it a natural magnet for UK- based firms looking for post-Brexit continuity, and for EU companies which want a headquarters within a short flight of London. Rather
than outright
Shanghai, and Shenzhen also all made it into the top ten. While Europe, the UK and the
US have long held prime positions in the financial markets, China, India, Vietnam and Malaysia are gaining traction as important financial hubs. The report found that in Asia/Pacific there was significant growth in Hangzhou, New Delhi, Kuala Lumpur, Ho Chi Minh City, Manila, and GIFT City-Gujarat, while in the Middle East, Dubai and Abu Dhabi continue to take first and second places in the region. Lesser known cities are also
progressing up the league table, with Reykjavik, Kigali and Sao Paulo climbing up the rankings, particularly in relation
to
fintech developments. London did suffer some
banking and financial services fallout as a result of Brexit, and tighter immigration rules post- Brexit have seen some financial firms decentralise. For example, Goldman Sachs and JPMorgan Chase expanded their European operations and other banks have favoured Paris, Frankfurt and Dublin as footholds in the EU.
their
challenging the dominance of London, Frankfurt, Paris and New York, smaller financial hubs such as Dublin and Luxembourg are specialising and complementing larger financial centres. Dublin specialises in fintech and fund administration services for Europe, a role which has been boosted by favourable corporate taxation rates, a highly-skilled workforce, and a transparent regulatory regime. Luxembourg has found a niche by specialising in sustainable finance and fund management, giving it access to the international financial ecosystem. “Ireland is famous for attracting
international tech titans,” according to Santa Fe Relocation in its recent review of Ireland. Much of the new inward investment is being directed towards setting up new data centres. In June 2024, Google announced plans to build a 72,400sq m digital storage facility at Grange Castle on the Western outskirts of Dublin– its third data centre on that site. Opinion is still divided on
how bad Brexit was for London. IntaCapital Switzerland described it as “an unmitigated disaster both for the City itself and the British economy”. However, a new report by KPMG states that London has not lost its lustre, and that negativity about the City’s health has been overplayed.
The KPMG report, the UK
Financial Services Sentiment Survey, reveals that more than half (53%) of the UK’s financial services bosses believe that negativity about the health of London as a financial centre is being overplayed, as the majority (62%) plan to increase investment in their London operations over the next five years. More than two thirds (68%)
of leaders ranked London as the leading financial centre in Europe, followed by just 8% ranking Zurich as the top spot and 6% ranking Frankfurt. When thinking about how London compares to other global financial hubs, such as New York and Singapore, financial services leaders ranked London’s talent and skills, global reach and a strong regulatory environment as its strongest assets.
ASIA & AUSTRALIA Even so, London and New York face strong competition. Singapore has become a magnet for fintech, wealth management, and crypto services. It has a number of attractive benefits, including a highly skilled population, good transport links, a strong regulatory regime, and open immigration policies, and is well placed to capitalise on the economic growth within Asia. A quarter of Singapore residents now own cryptocurrency, and of those, half use it for everyday purchases. Singapore prioritises attracting
highly skilled individuals who can contribute to the economy
“ WHILE EUROPE, THE UK & THE US HAVE LONG HELD PRIME POSITIONS IN THE FINANCIAL MARKETS, CHINA, INDIA, VIETNAM & MALAYSIA ARE GAINING TRACTION AS IMPORTANT FINANCIAL HUBS.”
43
GLOBAL MOBILITY
FINANCIAL SERVICE S INDUSTRY
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116
