Both Zurich and Geneva figure among the top ten global financial centres out of 80 in a ranking issued by the Z/Yen Group on Monday, although both have slipped by one place. In Europe they came second and third respectively after London.
Zurich was sixth on the global list, and Geneva eighth. The top five places were taken by London, New York, Hong Kong, Singapore and Tokyo. The only other European centre in the top ten was Frankfurt, just after Geneva.
On its website the umbrella organisation of the Geneva banks, Genève Place Financière, welcomed the findings, attributing it to the «quality of the work of the 35,000 people who work every day on the excellence and reputation» of Geneva as a financial centre.
The London-based Z/Yen Group publishes its index every six months. It is based on «instrumental factors» and responses to an on-line survey, in which respondents are asked to rate the centres they do business with.
The instrumental factors are grouped into five broad ‘areas of competitiveness’: Business Environment, Financial Sector Development, Infrastructure, Human Capital and Reputational Factors.