A New York authority has hired consultancy firm McKinsey to draw up a comparison of the financial services industries in the US city and London amid concerns the UK capital has overtaken it as the world's leading financial centre.

New York's Economic Development Corporation has approved a contract worth up to $600,000 (€471,628) with McKinsey. The consultancy will prepare a study of the global financial sector, analysing the relative strengths and weaknesses of London and New York, according to the New York Post.