Interestingly the "City of London" is a specific thing that has surprising meaning [0], but used here I think it is a metonym for the financial / banking sector of the British economy.

[0] https://en.wikipedia.org/wiki/City_of_London & https://www.youtube.com/watch?v=LrObZ_HZZUc

Educated guess: 95% of UK's financial industry is in London, while in Schweiz it's more evenly spread out between the biggest cities. And Switzerland has no capital either.

Someone mentioned the "City of London" being smaller than you might imagine - that's not just a geographical curiousity, there's a very real consequence to that: https://www.ft.com/content/41dba03e-5d29-11e5-9846-de406ccb3...

And the reason it's Switzerland and not Zurich (or another city like Geneva, or a given Canton) is that AFAIK Switzerland's famously privacy-friendly finance regulation weren't just restricted to one area, so it would be incorrect to pick one place out of them all. I know there has been some movement in recent years that has curbed Switzerland's status as a tax haven, though I don't know to what extent. Maybe someone who's a bit more familiar can weigh in on this.

I think it's referring to "financial centres"[1]. According to The Global Financial Centres Index[2], it's equivalent to: London + Geneva + Zurich. But, yes, it's a bit clumsy.

[1] https://en.wikipedia.org/wiki/Financial_centre

[2] https://www.longfinance.net/programmes/financial-centre-futu...