Following the Brexit, Amsterdam had overtaken London as the leading European financial centre, according to an American financial institute, Cboe Global Markets. But with its latest global ranking of financial centres, from March 2024, Long Finance, a financial establishment in the City, is categorical, London has once again become the leading European financial centre.

Long Finance publishes twice a year this global ranking of financial centres which is considered a global benchmark by financial professionals around the world. The next one will be released in September this year.

In terms of the global ranking of FinTechs, companies operating in the sector of technological innovation applicable to financial and banking services in 2024, New York retains its first place, followed very closely by London.

However, London wins first place in the world for the attractiveness of startups according to Dealroom, another financial institution whose index is a global benchmark for start-ups.

London therefore, retains decisive assets to maintain its ranking as the leading European financial centre in the long term.

The British capital remains the leading stock market in Europe in terms of volume and value of transactions, with almost 600 billion dollars per day.

Following Brexit, the amount of stock trading decreased by around 40% in January 2021 in London, to the benefit of Amsterdam.

But the City, London’s business district, has not experienced a massive exodus of bankers with Brexit, contrary to some predictions.

The movement of personnel to other European capitals ultimately remained low, only 7,400 jobs were concerned, a drop in the ocean, in the United Kingdom where more than a million people are in financial services, including some 400,000 in London.

“The chances that Paris, Amsterdam or Frankfurt will take the crown of Europe’s leading financial centre from the United Kingdom appear ‘slim’,” according to Interactive Investor, a British financial service.

Furthermore, for the British think tank, New Financial, the City is a dominant financial centre on a global scale in many other markets such as foreign exchange operations or derivatives, which “rules out any idea that Paris or Frankfurt could take over London.

“The City “also offers an ecosystem of banks, advisors, lawyers, fund managers and hedge funds which serves a vast reservoir of liquidity”, adds Russ Mould, analyst at AJ Bell, a British online investment platform.

And to make this financial services sector even more competitive internationally, “the United Kingdom must continue to work” assures Catherine McGuinness, political head of the City, calling “British finance to look beyond Europe”.

The City, with barely two km2, has since the 19th century enjoyed an international reputation thanks in particular to its capacity for adaptation, and also thanks to constant innovation to offer its customers services that no other financial has managed to supplant, except New York.

80% of Greater London residents work in services, with more than 57,000 jobs in international banking alone. There are more than 530 banks in London.