Legal Business

The Global 100: so much for the City comeback as US leaders land the big blows

Having spent a reasonable chunk of my pundit duties over the last three years noting significant shifts against London’s elite on the global stage, I confess I had expected financial results this year to break that pattern with City leaders managing a more confident showing.

Unfortunately for London’s finest and my own credibility, that expectation has proved plain wrong because the City’s big four have just posted their most indifferent collective performance since the wipe-out of 2008/09.

True, a weakening euro made the performance look a little softer than it actually was (though a rebound in sterling flattered their results in our Global 100 ranking) but it has still been a very subdued result given a firmer UK economy, masses of cheap debt sloshing around and robust levels of cross-border activity.