Financial Firms Like British Accents

While Mayor Bloomberg and Senator Schumer blame Messers. Sarbanes and Oxley for New York’s woes, London has a slightly different answer. In a survey last year of financial business leaders that examined the competitive position of different world capitals, a team of consultants hired by the corporation of London found that the city’s workforce is an even greater attraction to do business there than is its regulator environment.

The availability of skilled personnel was ranked as the single most important factor in the competitiveness of an international financial centre…. London and New York both scored highly on the availability of skilled staff, with 98 percent of respondents giving a rating of good or excellent. London appears to have a marginal advantage with an excellent rating of 75 percent, compared with 66 percent in New York. (PDF)

Check out pages 21 and 22 also, about what it was with the American regulatory environment that the survey respondents did not like: the number of regulatory agencies and an approach that is “prescriptive” rather than “risk-based.”

Matthew Schuerman

Financial Firms Like British Accents