The head of European financial sponsors at Goldman Sachs has added his voice to the list of high-profile bankers who believe that the market turmoil and growth in emerging economies is threatening the position of cities such as New York and London as the world’s leading financial centres.

John Waldron said that in recent weeks it had seemed the western financial system was undercapitalised and there was not enough money either in governments or in banks to stabilise the crisis, although things have improved in recent days.