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Banking Careers: NYC Vs London
If you’re interested in a career in the world of finance and banking, irrespective of whether that’s in investment banking, sales & trading, private equity, hedge funds, asset management, etc. two cities will dominate your thinking: London and New York.
They’re the financial capitals of the world and attract the smartest, most ambitious, and (sometimes) the most cutthroat people you’ll ever meet. More than anything, they both have the options, exit opportunities, and connections that can change your life.
But here’s the problem: most people talk about them like they’re interchangeable. They’re not. At all. They differ from multiple perspectives including culture, compensation, work-life balance, and deal-flow to name a few.
As such, in today’s newsletter I’ll break down the differences between working in finance in New York versus working in finance in London.
1. The Global Standing: How Big Is Big?
New York
New York isn’t just big. It’s the beating heart of global finance. If you work in Manhattan, you’re literally within walking distance of the headquarters of almost every major financial institution you’ve ever read about. Everything you read about financial markets across the front pages of the Financial Times, on Bloomberg, etc. mostly happens in New York.
Some of the advantages of building your career in New York include being closer to senior management, the executive suite and the most influential decision-makers at the firms, the sheer volume of transactions, deals, and capital that flows through Wall Street is unmatched compared to anywhere else, you’ve got investment banks, hedge funds, private equity, venture capital, family offices, and asset managers all packed into one dense ecosystem, and last but not least, you’ll be exposed more frequently to the largest deals, investments, trades and acquisitions.
In essence, working in New York gives you unparalleled access and a front row seat to the world of financial markets.
London
London isn’t the centre of finance in the way New York is, but it’s the hub for international finance. The city has been a crossroads for global trade and banking for centuries, and it shows in the deal flow and client base.
Building a career in London does have some advantages over New York, and these include being positioned perfectly from a geographical perspective, for example, you can cover Asia in the morning, the Middle East mid-day, and the Americas in the afternoon. This isn’t the case for New York. To add, given London’s geographical positioning, the diversity of clients it attracts is vast. Sovereign wealth funds from the Gulf, emerging market corporates from Africa, Asian conglomerates, and European blue-chips to name a few. Last but not least, its regional HQ status means every major US bank uses London as its EMEA base, so you’re still in the “inner circle” of global finance (just on the other side of the Atlantic).
So, if you want exposure to multi-jurisdictional, multi-currency, cross-time-zone transactions, there’s no better place to be than in London.
Verdict: Global Standing
If you want ‘scale’, where you’re at the epicentre of the world’s largest capital markets, pick New York. If you want ‘reach’, where you’re constantly connecting the dots between continents, pick London.
2. Pay & Bonuses: The Money Question
Let’s talk numbers, because that’s likely half the reason you’re even reading this.
Base salaries
At the analyst level, post-2021 pay rises brought London and New York closer together. First-year IB analysts in London are now on around £70–80k base salaries, whereas in New York, it’s around $110–120k base i.e. around £80–90k. At current FX rates, that’s not wildly different (on paper).
Bonuses
Here’s where the gap starts to show. Top performers at the analyst level in New York can easily see 80–100% of base in a good year. Whereas bonuses in London are solid but often 15–25% lower for the same level of performance.
Tax
UK tax rates are 20% up to £50k, 40% up to £125k and a 45% top rate tax for earnings over £125k. In comparison, US (NYC resident) taxes for federal + state + city tax can push you towards around 37%, but you’re earning in dollars, and when the dollar’s strong, your disposable income stretches further.
Cost of Living
When it comes to renting, Manhattan destroys your wallet, think $4–5k/month for a one-bed in a decent location compared to London which is still bad, but you can get a similar flat in a prime zone for £2–3k/month.
In terms of groceries, Ubers, eating out, etc. they’re generally cheaper in NYC these days, however, London’s public transport is cheaper and more functional than New York’s old school subway system.
Verdict: Pay & Bonuses
Either way, you’ll be making six figures, but most importantly what you keep will depend on your tax bracket, your saving, investing and spending habits, and how disciplined you are when your bonus hits.
3. Work Culture & Hours
Here’s the truth: both cities will eventually burn you out (if you’re not careful). After all, working in the front office of an investment bank, or any other financial institution, is intense, the expectations are extremely high, and the margin for error is razor-thin. The difference is how the pressure is applied, and the “flavour” of the intensity.
New York
Pace
Hyper-urgent doesn’t even begin to cover it. Everything feels like it should have been done yesterday, and your inbox reflects that. If someone sends you an email at 11:02am, they’re “following up” at 11:07am asking if you’ve seen it. The city’s energy feeds into the workflow too – constant motion, constant deadlines, constant escalation.
Communication style
Direct, often blunt. There’s no sugarcoating. Feedback is fast and sharp. You’ll know immediately if you’ve messed something up, and you’ll be expected to fix it before the next conversation. It’s meritocratic in the sense that the best work gets noticed and rewarded quickly, but it’s also ruthless. Any slip-ups, especially if often, can dent your reputation instantly.
Hours
For investment banking analysts, 80–100 hours a week is normal. You’ll finish a deck at 2am on Thursday, go home, and still be expected on a client call at 8am Friday. Weekends? You’ll learn the art of the “just to check something” log-in on Saturday morning, which mysteriously turns into a full day because three new deliverables dropped overnight. And Sundays often involve at least a half-day of prep for upcoming meetings on Monday.
London
Pace
The intensity and pace in London is still high (this isn’t “relaxed Europe”), but it’s just less manic than New York. There’s a touch more breathing room between deliverables, and more structured workflows. That said, client demands can still flip your week upside down with a single phone call.
Communication style
Brits tend to have a more formal and diplomatic approach to communicating. That isn’t to say people won’t still give you tough feedback, but it’s often couched in more measured language. The culture places slightly more emphasis on optics. For example, appearing composed under pressure is as important as delivering results. You’re also expected to keep a level head even when you’re scrambling behind the scenes.
Hours
IB analysts in London can work 70–90 hours a week. Yes, that’s slightly “less” than NYC, but don’t get it twisted, you’re still doing late nights, weekend calls, and occasional all-nighters. The difference is that you might leave the office by midnight more often, and weekend hours can be slightly lighter outside of live deals.
Sales & Trading
In both cities, the trading floor life is a different animal from banking:
Start time
6–7am, without fail.
London
Markets close earlier (4:30pm local), so traders can often leave around 5–6pm unless they’re covering late U.S. market action or Asia’s open.
New York
U.S. market hours run longer into the day, and many desks prep for Asia in the evening, which stretches the hours.
The twist
Trading hours are shorter in terms of the clock, but the pace during market hours is relentless. There are no quiet stretches. You’re on from markets opening to close.
Verdict: Work Culture
New York will push your pace and responsiveness to extremes. London will test your poise and stamina while still demanding long hours, but in a slightly more structured, formal environment. Neither is “easy.” It’s just a matter of whether you want relentless urgency or controlled intensity.
4. Deal Flow & Exposure
The deals, and in general the work, you get exposure to shape your skillset, your network, and your exit opportunities. Both cities see billions in deal volume, but the type of work and the geography of it is where they diverge.
New York
Domestic mega-deals
Think Fortune 500 mergers, billion-dollar IPOs, high-profile activist battles. If it’s front-page news in the Wall Street Journal, there’s a good chance the deal team is sitting a few blocks away.
Sector concentration
Heavy in tech, healthcare, industrials, consumer goods, and real estate. The sheer depth in each vertical means you can become a genuine industry expert quickly.
Buy-side ecosystem
The private equity and hedge fund density is unmatched anywhere in the world. Blackstone, KKR, Apollo, Carlyle, Citadel, Millennium, and others. You could literally hit multiple mega-funds on a lunch break.
Deal scale
Multi-billion-dollar transactions are the baseline, not the exception.
London
Cross-border headquarters
London is the hub for transactions that touch multiple continents. Your deals will often involve three different legal systems, multiple currencies, and regulatory approvals across borders.
Sector strengths
Particularly strong in FIG (Financial Institutions Group i.e. banks, insurers, asset managers), energy & natural resources, infrastructure, and emerging markets. If you want sovereign wealth funds or African telecoms in your portfolio, London is the place.
Diversity of exposure
The variety of jurisdictions and economic environments you’ll work in is broader than NYC. You might be working on a Saudi IPO one week and a Scandinavian bank merger the next.
Mid-to-large cap bias
You’ll still see multi-billion-dollar deals, but London’s market also has a healthy mix of mid-cap transactions, especially for cross-border M&A.
The Exit Game
If your endgame is private equity or hedge funds, New York gives you the largest and most varied playground. The competition is brutal, but the options are endless: from mega-funds to niche, strategy-specific shops.
If your goal is global exposure and becoming the person who knows how to navigate the complexities of deals across borders, London will make you invaluable. That’s a skillset fewer people have, and it travels well internationally.
Verdict: Deal Flow
New York for depth and scale in specific sectors, plus buy-side exposure.
London for breadth and diversity of markets, plus a front-row seat to the flow of global capital.
5. Networking & Career Mobility
In finance, your technical skills get you in the door. But your network is what moves you up, sideways, and into better-paying, better-positioned roles.
Both New York and London are networking-heavy cities, but the style and frequency of that networking are worlds apart.
New York
Networking is a lifestyle in New York. It’s baked into the culture in a way that’s almost invisible until you’re living it.
Frequency
Every week, there’s something going on: breakfast roundtables, rooftop happy hours, charity galas, alumni networking nights, industry awards dinners, etc. And people show up. Not because they’re “job hunting,” but because it’s just what you do.
Access
The density of finance professionals means you can bump into a VP from a buy-side shop or a partner from an elite boutique at your local coffee spot. Conversations can turn into opportunities fast.
Directness
People are comfortable being upfront about their ambitions. It’s not unusual to meet someone for the first time and have them pitch themselves or ask for a direct intro within minutes. This is all part of the extraverted culture you’ll find in the States.
Internal mobility
Even within the same bank, NYC offices have more seat shuffling i.e. moving from coverage to product groups, or from one product team to another. It’s a lot faster and less formal than in London.
In addition, lateral moves are common. After all, staying in one role for more than 3 years as a junior is considered long, most analysts jump to buy-side roles after 2 years, and even within IB, moving from one bank to another for a step up in pay/title happens regularly. The market is so deep that switching is almost expected.
London
Networking in London is more structured and ceremonial. Not worse, just different.
Event-based
Think formal industry conferences, corporate receptions, society dinners, CFA gatherings. The events are usually planned well in advance and often have a dress code.
Relationship building
There’s a heavier emphasis on nurturing connections over time rather than “speed networking” for quick wins. Your reputation matters, and relationships are seen as long-term investments. The short-term focused networking to simply ‘use’ someone for one’s own benefit is frowned upon.
Expat magnet
London’s expat scene is huge, particularly among finance professionals. That means your social network often doubles as your professional network – Friday night drinks at the pub might involve five different people from five different banks.
Mobility pace
Lateral moves do happen, but they tend to be slower. Smaller team sizes mean fewer openings, and visa considerations can slow down the process for non-UK citizens.
Verdict: Networking
NYC = constant motion: high-volume, fast-turnaround networking that rewards hustle and proactivity.
London = slow burn: relationships take time, but they can be deeper, more international, and more enduring.
6. Visas & Mobility
This is one of the most under-discussed (but hugely important) factors when you’re choosing between New York and London. It doesn’t matter how good you are if you can’t legally work there.
United States
The H-1B visa reality:
If you’re not a U.S. citizen or green card holder, your route in is the H-1B (or an L-1 transfer visa if you join a bank in another country first).
The H-1B is a lottery. Literally. Your employer can sponsor you, you can be the best candidate they’ve ever had, and you can still get rejected because your number didn’t come up.
Application windows are strict, and missing one can delay your start date by a year or more.
Employer tie-in:
Even after you win the H-1B lottery, your visa is tied to your employer. That means switching firms often requires restarting the process — which is expensive, bureaucratic, and risky.
Many people stay in less-than-ideal roles longer than they’d like simply because their visa is in their current employer’s hands.
Mobility limitation:
If you’re not already in the U.S., breaking in is tough. Many internationals get in by working at a bank’s London or Hong Kong office first, then transferring internally to NYC.
United Kingdom
Skilled Worker visas
These are far more predictable than the H-1B. If you have a firm willing to sponsor (and almost all major banks do), the process is straightforward.
Visa decisions are made in weeks, not months. There’s no lottery. If you meet the criteria and the paperwork is right, you get it.
Post-Brexit talent shift:
Brexit has reduced the flow of EU talent into London, which means firms are more willing to sponsor skilled candidates from outside Europe.
Having said this, recent Labour government changes are making it trickier than ever to secure sponsorship for non-UK candidates.
Employer flexibility:
Your Skilled Worker visa is tied to your employer, but transferring it to a new firm is generally simpler and faster than in the U.S.
This means you have more flexibility to make career moves without immigration red tape slowing you down.
Verdict: Visa & Mobility
NYC has higher upside in terms of scale and pay, but immigration is a serious bottleneck for non-Americans.
London has ‘easier’ entry, smoother transfers, and a more international talent pool to network within.
7. Lifestyle Outside the Office
Yes, you’ll be working 70–100 hours a week in either city, but the other 68–98 hours are still part of your life. And where you spend them can have a massive effect on your happiness, your health, and your long-term ability to actually sustain a career in finance.
New York
The city that never sleeps:
There’s no “off” switch. At any given hour, somewhere in the city, something is happening: bars, parties, pop-up events, concerts, industry mixers. If you want to be in the centre of the action, New York is the place to be.
The speed and scale of the city mean that FOMO is real. You’ll constantly feel like there’s something you could be doing or someone you should be meeting.
Strong food scene
Michelin-starred fine dining, $1 pizza slices, hole-in-the-wall ramen spots, and late-night diners to name a few, New York has it all and to a high standard too.
Delivery apps will tempt you into spending way too much money at 2am when you’re still deep in an Excel worksheet.
Social life is built around going out
Rooftop bars in summer, speakeasies in winter, after-work drinks that turn into late-night dinners. The default social plan in NYC is “out of the house.”
Because the finance crowd here is so dense, “socialising” often doubles as networking whether you want it to or not.
The flip side
It’s easy to burn out in New York. The work pace and the city’s intensity can leave you constantly “on.” Without boundaries, you can end up exhausted, eating badly, and with no real downtime.
London
More green space, more breathing room
Parks are everywhere: Hyde Park, Regent’s Park, Hampstead Heath. They’re all perfect for a walk or a run when you need to clear your head.
The River Thames adds a scenic break from the city’s density, and walking along it after work feels surprisingly peaceful, especially in the summer months.
Walkable neighbourhoods
You can live somewhere with cafés, shops, and pubs within a 5–10 minute walk. And shorter trips don’t necessarily require taking the underground when you have bikes for hire, a strong bus network and Ubers and black cabs everywhere you go.
The pace outside the office is more relaxed with fewer people “always on” socially.
Pub culture is big, though less flashy, but more social
Drinks after work are just as common as NYC, but they’re often at the local pub rather than a rooftop lounge.
The vibe is less about being seen and more about catching up, which can be a nice break from corporate intensity and networking agendas.
Quick trips to Europe are a real perk
Long weekend in Paris? 2 hours by train.
Amsterdam, Rome, Barcelona? All reachable in under 3 hours by plane.
It’s common for finance professionals in London to take short European trips for leisure – something NYC simply can’t match.
Verdict: Lifestyle
NYC is electric but relentless. It’s perfect if you thrive on constant motion and stimulation.
London on the other hand is vibrant but more balanced. Perfect if you want a global hub with easy escapes.
8. Which Is Better for You?
This is where it gets personal. The “better” choice depends less on what’s objectively best and more on what aligns with your long-term goals, personality, and appetite for risk.
The HQ question
Do you want to be inside headquarters where the biggest, most high-profile decisions are being made in real time? That’s New York. You’re physically close to top executives, major clients, and the biggest pools of capital.
Or do you want to be at the crossroads of global markets? That’s London. You’re connecting Asia, the Middle East, Africa, and the Americas daily, building an internationally portable network.
The style question
Can you handle NYC’s aggressive, high-pressure style? The feedback is blunt, the expectations are relentless, and the pace is unforgiving. But the upside means unmatched exposure to top-tier opportunities.
Or do you prefer London’s polished, globally networked approach? It’s still demanding, but the tone is more diplomatic, the hours slightly less extreme, and the social life more varied.
The exit question
Where do you want your exit opportunities to be?
If you dream of PE mega-funds, hedge fund trading pods, or high-impact corporate roles in the U.S., NYC is the better springboard.
If you want to specialise in cross-border banking, sovereign wealth fund advisory, or emerging market investing, London’s your launchpad.
The truth
If you want scale, speed, and saturation, go New York.
If you want reach, diversity, and balance, go London.
Either way, you’re choosing to play the game at the highest level. The real question is:
Which arena will make you thrive, not just survive?
9. Common Misconceptions
It goes without saying, building a career in the world of finance in New York or London will come with many similarities and differences. However, it’s important to understand that this can be a highly subjective debate with opinions differing among each person you talk to. Having said that, here are a few common misconceptions worth being aware of.
Myth 1: “London hours are chill.”
Reality: Slightly better than New York, but “chill” is fantasy.
You’ll still be in the office past midnight when deals are live.
Weekends are not sacred. You’ll have at least one day disrupted more often than not.
The only difference is you might escape at 11pm in London instead of 1am in NYC. That’s not “chill,” it’s “slightly less brutal.”
Myth 2: “NYC pays double.”
Reality: Yes, bonuses tend to be higher in New York (sometimes 15–25% more for the same role). But “double”? Not even close.
Taxes, rent, and general living costs in Manhattan eat a huge chunk of that extra pay.
In a strong dollar cycle, NYC pay feels more powerful internationally, but day-to-day in the city, you won’t feel like you’re living a completely different lifestyle compared to London.
Myth 3: “It’s easy to transfer between them.”
Reality: Without a visa or an internal sponsor, forget it.
The US H-1B process is a lottery. Even internal transfers aren’t guaranteed.
UK Skilled Worker visas are easier, but you still need an employer willing to go through the process.
If you want to work in both cities during your career, plan for it early and use your current employer’s internal transfer programs. These are often the smoothest (and sometimes the only) way in.
Verdict: Misconceptions
London isn’t a holiday, NYC isn’t a gold mine, and hopping between them isn’t a casual career move – unless you set it up strategically.
10. How to Break In
Breaking into finance in either city is competitive beyond belief. You’re going up against people with perfect grades, multiple internships, and personal connections, so you need to play the game the right way.
London
Spring Weeks are your golden ticket.
These 1–2 week insight programs (usually in your first year if you’re on a 3-year degree, or second year if you’re on a 4-year course) are where banks source most of their summer interns.
If you miss spring weeks, you’re already on the back foot as most summer intern slots are filled by spring week alumni.
The conversion funnel is tight.
Spring Week → Summer Internship → Graduate Scheme.
By your second year at university, you need to be ready for summer internship applications. That means CV polished, cover letters tailored, and technical knowledge in place.
Networking helps, but experience, top grades and early applications are king.
London recruiting is more structured and deadline-driven than NYC. Missing the application window is a killer.
Campus career fairs, society events, and alumni networking events are good for building relationships, but performance in formal interviews is what seals the deal.
New York
Sophomore internships are key.
U.S. banks recruit two years ahead. Your sophomore summer internship is your feeder into a junior-year summer internship, and that’s the one that converts to a full-time offer.
Miss the sophomore summer window and you’re scrambling for lateral entry, which is a lot harder.
Networking matters more here – and it’s aggressive.
You can’t only rely on online applications. Cold emailing, LinkedIn outreach, alumni calls, etc. – they’re all non-negotiable.
The expectation is that you’ll put in the hustle to get in front of decision-makers. If you’re not willing to book 10+ coffee chats a week during recruiting season, you’re at risk of falling behind.
Unspoken rules:
Always follow up.
Always ask for referrals.
Always have your story perfected (who you are, why you’re here, why you’re good).
The truth:
NYC is where you play the game at its highest stakes: bigger bonuses, more buy-side exits, a faster career clock.
London is where you play it on a global stage: more international exposure, broader markets, and easier long-term mobility.
Neither is objectively “better” than the other. The only thing that matters is:
Which city’s game do you want to master?
Hope you found this post insightful. Peace!
Afzal
Founder, Finance Fast Track
Author, Breaking Into Banking