According to a report published by law firm Eversheds LLP, London is very likely to be pushed down to a third place in the ranking of global financial Center while Shanghai, China is clearly taking lead.
Conducting the survey were a group of 600 business leaders from Mumbai, New York, London, UAE and Shanghai during the months of October and November. The current list contains, New York in the leading position as a global finance center, followed by Singapore, London while Shanghai ranked fourth.
This could yet another effect of the economic slowdown wherein the UK government had to take steps to save its major bank especially Royal Bank of Scotland Group Plc with a bailout. This governmental action signifies increased government intervention within the finance sector and hence London was likely to be placed lower in the rankings for the global finance center.
