New York and London vie for the title of biggest financial centre, depending how you measure it one is always a bit ahead of the other.
The bigger issue is whether London might lose the number two spot to some upstart, Frankfurt or Paris are cited most often. (I say: no chance.)
Duff & Phelps’s annual report on the matter is just out, and it is an interesting read as usual.
More than 50% of the respondents think Brexit will weaken London’s position, though a large number think it is just too early to tell.
New York beats London this time, with 60% of senior decision-makers naming it the top financial centre.
The striking bit to me was the findings on ESG policies. Only 48% say their firms have comprehensive policies for environmental, social and governance.
Which raises the question, what have the 52% been up to for the past three years?
Prior to Covid it was possible to think that ESG was a lip-service only requirement; just make enough money and investors will be happy.
That plainly isn’t the case anymore, which means those 52% are at risk of being (rightly) exposed.
I suspect even those firms on top of the matter are going to be tested, PR wise.
Businesses are going to want credit just for doing what they said they were going to do. They may not get much.