Forget the bright lights and fast pace of living in two of the world’s greatest metropolises, city living for a new generation of financial workers is now more Jacksonville in Florida and Warsaw in Poland than New York and London.
The Financial Times reports that the US and British cities synonymous with banking, insurance and deal-making have lost an estimated 42,000 jobs — or 6% cent of the sector — in the past five years as soaring costs have encouraged businesses to shift to cheaper locations.
The cost of operating a back office in the two cities has increased 10-12% in the past 18 months, about four times the rate of inflation, according to Boyd.
“My clients have come to the conclusion that lots of these people don’t need to be in Midtown Manhattan or the City of London,” said Alan Johnson, managing director of Johnson Associates, a financial services pay consultant. “It doesn’t make sense any more.”
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