DERUDDER, B., HOYLER, M. and TAYLOR, P., 2011. Goodbye Reykjavik: international banking centres and the global financial crisis. Area, 43 (2), pp. 173-182.
This empirical paper analyses how leading international banking centres (IBCs) have been faring under
the 2008 global financial crisis. We aggregate data derived from The Banker’s annual list of the world’s
leading banks at the city level to map changing levels of Tier 1 capital between 2007 and 2008 and
returns on capital in 2008. The results point to a general but nonetheless variegated shift ‘from West to
East’ in the world of IBCs. The paper concludes with a brief review of the implications for future research
on financial geographies in general and the geographies of the financial crisis in particular.