As of March 2024, London was the most attractive financial centre in Western Europe. According to the five broad competitiveness areas on which the ranking was based (business environment, human capital, infrastructure, financial sector development and reputation), London received 747 points. Geneva came in second with 738 points. According to the Global Power City Index (GPCI), London was also the most attractive city in the world in terms of economy, research and development, cultural exchange, liveability, environment and accessibility.
Financial Industry Employment in the UK
In 2022, the UK’s financial and insurance services sector had the largest value added in Europe as a proportion of total GDP. However, the number of employees in the financial services sector overall has been declining since 2008. The average weekly wage of full-time employees in the sector has also fallen, never recovering from a sharp decline in 2018.
Europe’s largest financial institution
In 2022, HSBC topped the list of Europe’s largest banks by total assets. With assets of over 2.86 trillion euros, the UK-based giant surpassed BNP Paribas, France’s largest banking institution. In the same year, HSBC also performed better than any other European bank in terms of pre-tax profits.
