Financial Centre London
London is regarded as the global financial centre alongside New York and is by far the largest and most important financial centre in Europe. Around 22% of the UK’s total economic output is generated in London. In addition, virtually every major company in the financial industry has a branch in London, including of course the world’s largest banks and consulting firms and the Reuters press agency. For example, HSBC and Barclays have their headquarters in London. There are around 40,000 financial services businesses registered in London, including more than 300 banks, of which 250 are of foreign origin, employing over 40,000 people. Overall, around 750,000 people in London work directly or indirectly for financial service companies.
London is a major player in all areas of the financial sector and holds an outstanding position, especially in foreign exchange trading with twice as many dollars being traded in England as in the USA. The majority of the approximately GBP 8 trillion assets under management in the UK are managed in London. The London Stock Exchange lists more than 600 companies, of which 479 are foreign companies. In 2016, GBP 4.7 billion of investment capital was raised through IPOs. London is also the second largest global location for hedge funds.
Business aside, London does not leave any cultural wishes unfulfilled: The metropolitan region offers world-famous museums, major events and various other entertainment opportunities and is increasingly replacing Paris as the culinary capital of Europe. London’s infrastructure benefits from the highest international standards thanks to Europe’s largest airport, the Eurotunnel and one of the oldest underground railway systems in the world.