London and New York have lost some 42,000 financial jobs as increased costs push firms to move to cheaper areas, according to figures prepared by Boyd for the Financial Times.
Montreal is among the areas attracting financial-sector jobs lost from the UK and US cities, adding 5,000 jobs since 2011, while Jacksonville in Florida has added 4,000. In Europe, Warsaw, with operating costs 60% below those in London, has attracted 4,000 financial-sector jobs over the same period.
Boyd estimates that the cost of running a back office in London and New York has risen by 10%-12% over the last year-and-a-half.
