March, 12, 2010

London lost its position as top financial center for the first time and is now tied with New York, according to a ranking of global financial centers published Friday. Planned tax increases on bonuses and uncertainties about future banking regulation hurt the British capital’s popularity among global investors and other financial professionals.

London lost 15 points while New York gained one point in the biannual survey conducted by Z/Yen Group on behalf of the City of London Corporation. London was one of four global financial centers to lose popularity in the second half of last year from the previous six months. The others were Shenzhen, Guernsey and Dublin.

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