City basks in its global appeal

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More than one in 10 professional staff in the City of London come from countries outside the EU and the US, a survey conducted by the Financial Times has found.

The data, supplied by some of the City’s largest investment banks, show that the proportion of employees from Asia, Africa, the Middle East and eastern Europe has swelled in the past five years.

The figures are further evidence of the City’s increasingly cosmopolitan nature and the growing appeal of London as a financial centre to workers from all over the world.

The growth of the derivatives markets has also boosted demand for analysts and traders with advanced mathematical skills, prompting investment banks to seek recruits in countries such as China, India and Russia.

Despite the influx, British nationals on average still account for more than half the banks’ workforce, while the proportion from continental Europe is about 20-25 per cent, broadly the same as five years ago. US nationals account for less than 10 per cent, even at Wall Street investment banks.

According to the Centre for Economics and Business research, City job numbers hit a record 327,600 last year.

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