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Zurich doesn't get much press, especially over here. However, major companies like UBS, Credit Suisse, Swiss Re, and Zurich Financial Svcs are all headquartered there.
Everyone has probably heard of the ultra-confidential Swiss Banking system...well Zurich and Geneva are the centers of that.
That's interesting, when I think of Zurich I see an Aspen-like place, I would have never guessed that Zurich and Geneva are the centers of the Swiss Banking system.
Where is Charlotte? It's gotta be in the conversation.
Major Banking Centers
Assets
Rank City (Billions)
1 New York $4,118.8
2 Charlotte $2,321.9
3 San Francisco $1,300.3
4 Pittsburgh $288.1
5 Minneapolis $263.6
6 Atlanta $181.6
7 McLean, VA $179.6
8 Boston $150.5
9 Birmingham $146.9
10 Winston-Salem $145.4
When is that list from? The two major banks of Charlotte were Wachovia and BofA. Now Wach is owned by Wells Fargo and BofA does most of their work in New York City.
When is that list from? The two major banks of Charlotte were Wachovia and BofA. Now Wach is owned by Wells Fargo and BofA does most of their work in New York City.
The banks in Charlotte are primarily retail/consumer banks. So while there may be a high dollar amount of assets located in Charlotte, most of the big money is being invested in other places and those investment decisions are being made by other people.
To put it in perspective, my company has over $1.6 trillion in assets under management and over $16.4 trillion in assets under custody. In fact, the division I work for manages/does custodial work for Bank of America.
Still, to place little islands that nobody has ever heard of like Jersey, Guernsey, and Isle of Man ahead of the 2nd largest city in terms of banking assets in the richest county on Earth, and call it the list of "global financial centers", seems a little suspect.
Those are all offshore banking centers, similar to the Caymans. No regulations need to be followed there. They're extremely powerful, but not to you or I. Only the millionaires/billionaires who keep their wealth there...non-taxed of course.
Where is Charlotte? It's gotta be in the conversation.
Major Banking Centers
Assets
Rank City (Billions)
1 New York $4,118.8
2 Charlotte $2,321.9
3 San Francisco $1,300.3
4 Pittsburgh $288.1
5 Minneapolis $263.6
6 Atlanta $181.6
7 McLean, VA $179.6
8 Boston $150.5
9 Birmingham $146.9
10 Winston-Salem $145.4
I agree with your suspicion and I too wonder why my beloved city is not on there. Perhaps, as someone pointed out, it has to do with the type of banking that is done. Maybe Charlotte is not big for international banking. But in that case I wonder what happend to Atlanta and Miami?
how does london beat new york, when at the end of the day, the new york stock exchange and the nasdaq are the top two financial institutions in the world. The only reason why london can even compete with ny is because of its location, its easier to do business with. If ny were surronded by all those countries like that, than it would be out of this world as far as finances
Doesnt matter ny is still a better city. And new york has been the center for decades now
how does london beat new york, when at the end of the day, the new york stock exchange and the nasdaq are the top two financial institutions in the world. The only reason why london can even compete with ny is because of its location, its easier to do business with. If ny were surronded by all those countries like that, than it would be out of this world as far as finances
For some reason, whenever London tops NYC it bothers you to no end. You say "The only reason London can even compete with NY is because of its location..". Of course London's location is beneficial! Location plays a large part in the role of every cities main industries! If New York City was located in Ecuador, it wouldn't be important at all.
There are ten different major categories which these rankings are based on: Asset Management, Banking, Gov & Regulatory, Insurance, Professional Services, People, Business Environment, Market Access, Infrastructure, and General Competitiveness. According to this study, London placed first in nine of the the ten, second in banking. New York placed first in banking and second in everything else.
Don't look now, but Hong Kong is catching up to New York and London--fast.
Quote:
Doesnt matter ny is still a better city. And new york has been the center for decades now
.....not going to even open this can of worms.
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