GaWC Research Bulletin 55

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This Research Bulletin has been published in The Service Industries Journal, 24 (3), (2004), 63-81.


Please refer to the published version when quoting the paper.


Multiple Globalizations: Regional, Hierarchical and Sector Articulations of Global Business Services through World Cities

P.J. Taylor, G. Catalano and D.R.F. Walker


Geographies of global service provision are derived from data describing 100 financial and business service firms across 123 cities. The data describe the global strategies of the service firms in terms of their office networks. Using a principal components analysis six different patterns of globalization are identified that result from an interaction of different service sectors with particular world regions through a hierarchy of world cities.


Contemporary globalization has many dimensions. In this paper we focus on the globalization of the financial and business service sectors that have created a world city network. In their striving to provide a 'seamless service' for clients with worldwide interests, many major service firms have developed global networks of offices in cities across the world. It is these offices, often located in the archetypal metropolitan tower blocks, that define world cities as a network of global service centres [Taylor, 2001a]. Our first purpose is to provide a comprehensive description of the geographies of these services.

In delineating these new geographies, we satisfy our second purpose: to contribute towards understanding globalization as a bundle of processes rather than an end-state [Taylor, 2000]. The concept of globalization has been built upon many myths the most notable being that the world has become homogenised under the relentless pressure of global capital. This abstract capitalism is deemed to have descended upon the contemporary world like a huge blanket eliminating geographies through instantaneous communications, creating a uniform conformity where once there had been diversity. However, the changing scale of much economic activity (to become effectively global) does not necessarily result in a homogenous world. As Dicken [1999] has taught us, economic globalization has not simply 'emerged', it is the creation of agents, of large corporations aided and abetted by neo-liberal state policies. And the locational strategies of these firms are marked by their particular national backgrounds and histories of expansion. In aggregate this is a bundle of many different global processes creating many different geographies. Thus instead of the 'end of geography' there are new geographies in globalization. The result has been the making of very complex patterns of globalization consequent upon globalising agents coming out of a variety of different economic contexts. The particular corporations we deal with here - global service corporations - are no exception. Hence in describing their geographies we unpack part of the bundle of processes and illustrate 'multiple globalizations'.

The paper is divided in four unequal parts. In the first section we show how our particular geographical approach to the globalization of producer services complements other studies striving to understand how and why selective service provisions have 'gone global'. The second section introduces the research project from which this paper derives. The research reported here is part of a large-scale study of world cities that uses information on 100 global service firms from 6 different sectors. In particular, we describe this new data and introduce the analytic opportunities that become possible for a global service analysis. The third, and largest, section of the paper presents in detail the results from one possible analysis. A principal components analysis provides six different geographies of globalization illustrating regional, hierarchical and sectoral patterns in the locational strategies of global service firms. In a brief conclusion, these results are reviewed in the light of contemporary debates on the nature of globalization.


The business services we are concerned with here are financial and producer services that provide high-skill, knowledge-based inputs into the production process of other firms. These services are typified by intensive provider-client interaction so that specialist knowledge can be converted into customised products [Aharoni, 1993a, 8-9]. Traditionally, such services have relied on face-to-face contacts to build up client lists that are quite local. For instance, law firms have long been identified in terms of the city in which they practice: a Cleveland law firm, a New York law firm, a Manchester law firm, a London law firm, and so on. This situation led to the idea that such services were essentially 'location-bound' [Roberts, 1999, 73]. However, some of these services have long broken out of local markets to become national in scope, notably in banking, and subsequent 'internationalization' of services has finally ended the myth of the non-tradeability of business services.

Aharoni's [1993b] influential edited collection of studies on 'the globalization of professional business services' and Bagchi-Sen and Sen's (1997) recent review of research into the 'international business in producer services' between them provide an indication of the key themes that have concerned researchers in this field. Broadly speaking this work concentrates on the supply and demand factors that have led to service firms providing their wares in more than one country. The many impediments from national regulations of professions (critical in law) to cultural differences (critical in advertising) are highlighted to indicate the power of the 'globalization drivers' that have overcome such obstacles. Key drivers include first, the changing nature of the economy whereby service firms have to follow clients that produce in many countries or else lose their custom, second, the liberalisation of the world economy creating myriad servicing opportunities, and third, enabling information and communication technology that makes such non-local service provision possible. Typical specific studies of this process include investigation of the determinants of international investments in services (e.g. Li and Guisinger [1992]), the corporate strategies and modes of delivery (e.g. Vandermerve and Chadwick [1989]), and identification of stages in the process (Edvardsson, Edvinsson and Nystrom, 1993; Roberts, 1999]. In terms of these concerns, this paper deals with the locational strategies of firms who are operating in Robert's fourth and fifth stages: presence in foreign markets using intra-firm exports and direct service production in foreign markets.

Although globalization is inherently geographical in nature, the geography of the locational spread of business service provision is only weakly represented in the subject overviews referred to above. Bagchi-Sen and Sen [1997] do provide tables showing the home countries of leading accountancy and advertising firms and how many countries they operate in but there is no geography discussed beyond very broad categories such as 'Asia-Pacific' and 'Europe' [Table 5, p.1171]. However, there is a literature on the geography of services, notably in the pioneering work of Daniels [1993 and Daniels and Moulaert, 1991] and which is reviewed in Dicken [1998, chapter 12]. This work has included inter-regional comparisons within the 'supply countries' (e.g. O'Farrell et al., 1996] and numerous studies of particular sectors including banking/finance [e.g. Corbridge et al., 1994], advertising [e.g. Leslie, 1995], law (e.g. Beaverstock et al., 2000] and accountancy [e.g. Beaverstock, 1991]. This paper fits into this economic geography approach but draws its ideas particularly from the articulation of advanced producer services with cities as developed by Sassen [2001].

Sassen [2001] identifies the production of advanced producer services as one of the key features in the rise of what she terms global cities. Since these services are knowledge intensive, firms find it necessary to locate in global cities where the knowledge milieu ensures they remain at the cutting edge of rapidly changing world markets in business services. Global cities are where myriad information and knowledge, both professional and geographical, is to be found; for instance a firm wishing to operate in the Chinese market might find it necessary to open an office in Hong Kong where it will find a critical mass of sector professions possessing required knowledges. However, in order to provide for a global market many firms have opened large numbers of offices in cities that would not usually be thought of as global. Thus a serious operator in China might have offices in Shanghai, Beijing and Guangzhou as well as Hong Kong. Thus globalization is reflected geographically by much more than global cities, there is a world city network that includes the global cities but which penetrates much more locally throughout the world into the global economy [Taylor, 2001]. It is this geography of cities as global service centres through which we investigate the globalization of business services in this paper.


A key empirical contribution of this paper is to be found in the quantity of data we examine covering several sectors. The analysis presented below is part of a larger project that is researching world city network formation. One major output of this project is a unique set of data that links global service firms to cities across the world.

We define global service firms as companies that have offices in at least 15 cities and with at least one office in each of the prime 'globalization arenas', northern America, western Europe and Pacific Asia [Beaverstock et al., 2000]. These are firms that have clearly embarked on a 'global strategy' for providing their service. One hundred such firms have been selected from six different sectors: 18 in accountancy, 15 in advertising, 23 in banking/finance, 11 in insurance, 16 in law, and 17 in management consultancy [Taylor et al., 2001; they are listed below in Appendix A]. Information on their offices has been gathered for 316 cities. Two types of information are collected: measures of size of presence in a city (e.g. number of offices or number of practitioners) and the extra-locational functions of an office (e.g. referrals from other offices or regional headquarters). For each firm, every city is scored between 0 and 5 to define its 'service value', its importance within the firm's office network. A score of nought means the firm has no presence in that city, five indicates the city or cities most important to a firm (e.g. its headquarters location). The process of gathering this information and converting it into data is described in detail elsewhere [Taylor et al., 2001]. Initial analysis of this data has identified 123 cities as the most connected worldwide [see Taylor, et al., 2001] and it is these we focus upon here. Hence we have a123 cities x 100 firms matrix of service values for analysis.

In effect each of the 100 columns of our data matrix is a simple numerical description of a firm's global locational strategy. To reduce this large number of strategies to just the basic patterns requires searching for similarities between the columns. The method most suited to providing parsimony from such large data matrices is the factor analytic family of techniques [Rummel, 1970]. Such techniques break down the overall variation in the data into a small number of common dimensions of variance. In effect, firms with similar locational strategies are pooled together to define general locational strategies. For instance, in the analysis reported below the 100 different variations in service values are reduced to just six common patterns or general locational strategies. This is achieved by using the simplest factor analytic technique, a principal components analysis. In the reduction, some variation is discarded as singularly specific to particular firms, leaving just the common variance for interpretation. In the analysis reported here, the six components account for 52% of the overall variance.

For interpreting an analysis two sets of results are used. First, each variable (firm) is related to each common pattern or principal component by its 'component loading'. This describes the correlation between each original variable and the new common dimension. Second, each case (city) is measured for each common pattern or principal component as a 'component score'. These describe how important each case is for each new common dimension. Thus in the analysis conducted here, each firm will be loaded (correlated) by different degrees to each of six common patterns for each of which we will have measures describing each city. It is by inspecting the loadings and scores of each principal component that the latter are interpreted as common types of global service strategy (for a more detailed discussion, see Taylor and Walker, 2001). In the discussions below we focus on just the high loadings and scores which we define as above 0.4 and above 1.0 respectively. Detailed lists of the high loadings and scores are given in Appendix B; our discussion is about the general patterns.


The results we present here describe six different geographies of globalization. It is important to remember that all our firms, by definition, have global strategies so that the differences between them are matters of emphasis, such as a particular regional concentration. Thus the common patterns we describe below show relative importance, where groups of firms have unusually important offices relative to the overall patterns of variation. The mappings should not be interpreted, therefore, as delineating absolute patterns of service, rather they show common 'strategic emphases' in the global strategies of a set of firms. We describe each principal component in turn in terms of (a) its basic geography, (b) the sectoral concentrations of its firms, and (c) the primary cities around which the strategic emphasis pivots.

Component I: Pan-European Emphasis in Banking and Law Articulated through Frankfurt and Munich

This is a very distinctive component linking key cities in the former Soviet realm (Moscow, Prague, Warsaw and Budapest) with western Europe (Figure 1). All German cities have high scores on this component. Outside Germany, London and Paris as the two leading western European cities are strongly represented. Outside Europe there are only three world cities with high scores and each provides a link to an important region: New York for the USA, Hong Kong for China, and Singapore for south east Asia. This is a pan-European pattern in the traditional sense of linking east and west, both northern (Scandinavia) and southern (Mediterranean) Europe (with the exception of Milan) are unrepresented.

This component is dominated by banks and law firms. It brings together elements of 26 firm's patterns of offices including 16 from these two sectors. The 11 highest loadings are shared between banks and law firms. In law this reflects the recent expansion of London law firms into Germany involving several mergers. In banking German banks using London as their base for global business are well represented. Outside these two sectors there are some three accountancy and four management consultancy firms that have a European orientation to their businesses plus three non-UK European-headquartered insurance businesses. Nevertheless at the heart of this component is the expansion of London lawyers into Germany and German bankers into London, both of whom have taken advantage of expansion possibilities in eastern Europe in the wake of the collapse of the Soviet bloc.

Within the German cities articulating this pattern of linkages, Frankfurt and Munich stand out as the key pan-European centres for east-west articulation.

Component II: North American Emphasis in Management Consultancy Articulated through Chicago

The top four cities scoring on this component are all from the USA and North American cities comprise more than half the cities represented (Figure 2). Nevertheless there is a second interesting feature of this set of cities: it includes second order cities from other regions [Beaverstock, et al., 1999]. In fact, first order world cities, including New York and Los Angeles in the USA and London, Paris and Tokyo beyond, are conspicuous by their absence here. In regional terms, there are no cities from Asia. This is a North American centred strategy with an emphasis on important but not the top world cities outside Asia.

This component is dominated by management consultancy firms. The highest six loadings are for firms from this sector and, in total, more than half (9) of the 17 firms listed are in management consultancy. Given US patrimony of the profession, this clustering of these firms on this component is understandable. No other sector has appreciable representation on this component, although two US insurance companies are found here. This is clearly a US management consultancy component reflecting how they have spread beyond North America.

In terms of top world cities, there is one exception to the discussion above. Chicago appears as the prime city at the centre of articulation of this particular pattern. This is a worldwide pattern that has diffused out from the heartland of the USA.

Component III: Pacific Asian Emphasis in Banking Articulated through Tokyo

This component includes all Pacific Asian cities (Figure 3). There are no Australasian cities with high scores and therefore no 'eastern' Pacific Rim - the only other Pacific Rim representative is Los Angeles. The other cities represented are mainly financial centres such as Manama, Luxembourg and Chicago. Interestingly London scores very high on this component but not the other leading non-Asian financial centres New York and Frankfurt.

This component is dominanted by banks: there are 17 service firms with high loadings on this component, 12 from the banking/finance sector including the top three. This suggests that the rise of Pacific Asia as a globalization arena in services is largely an artefact of banking involving the major Japanese banks but including also both US and European banks. Other sectors represented are advertising (two Tokyo agencies), insurance (two London firms with Asian interests), and the largest global law firm Baker and MacKenzie which has always been distinctive within its sector [Beaverstock et al., 2000]. But this is above all a banking component with a specific Asian regional emphasis.

Not surprisingly, this particular intersection of banking and Pacific Asia is articulated primarily through Tokyo with Bangkok also being very important.

Component IV: European Minor Primate Emphasis in Advertising Articulated Massively through New York

This component has a very unusual distribution (Figure 4). Most of the cities scoring high are European (11 out of 18) and yet by far the highest scoring city is not in Europe (New York). Furthermore there are no cities from Europe's four largest economies, Germany, France, the UK and Italy. What we have are minor primate cities across the continent from Istanbul to Lisbon, from Helsinki to Athens. Elsewhere there are similar leading cities in medium sized economies such as Johannesburg and Buenos Aries. Miami, often viewed as 'capital of the Caribbean/Central America' [Brown et al., 2000] also appears in this component.

This component is dominated by advertising: nine of the 15 firms loading high are from this sector. Other sectors represented in a minor way are management consultancy and accountancy plus a single bank. Thus it is advertising firms that primarily give this component its peculiar character. What we have is a pattern of offices emphasising medium-sized national markets. The reason advertising has to be organised this way is because although global campaigns can be planned, their implementation has to take into account the cultural and language specifics of national markets. Advertisers are therefore over-represented in many relatively minor cities that house national TV stations. Like the other services, advertising is located in major world cities but its particular geographical bias is to found in its need to cater for national markets.

This articulation of minor primate cities is organised through New York which has by far the highest score on the component. Here we have a global service leader (Madison Avenue) with a clear, extramural (beyond USA) emphasis.

Component V: United States Emphasis in Law Articulated through New York and Washington

This is the component with least cities scoring high: just ten, six of which are in the USA (Figure 5). The four cities outside the USA are very distinctive; they are the leading non-US financial centres - London and Frankfurt in Europe, Tokyo and Hong Kong in Asia. Hence this is a very simple geography of a US core linked to foreign major financial centres.

This is the component most dominated by just one sector: law. There are 14 firms with high loadings and the top nine are law firms from the USA. The other firms are all US-based companies, three in management consultancy, and one each in insurance and accountancy. Notice that, despite the prominence of financial centres in the geography, there are no banks whose office networks match this pattern. Rather this is primarily about US law firms using leading financial centres as bases for servicing their global clients, many of whom are in the banking/finance sector.

This USA-international financial centre relationship is very strongly articulated through New York and also Washington. These two cities record the two highest component scores in all of this analysis.

Component VI: 'Western' Emphasis Articulating Accountancy through London

This is a component that defines the 'developed west' (Figure 6). Cities with high scores are found only in northern America, western Europe and Australia. This means that a huge swathe of the world from Latin America to east Asia are not to be found among the cities of this component. The prominence of Canadian cities and the presence of all but one Australian city and all but one British Isles city gives this 'westernness' a decidedly Old Commonwealth flavour.

Only 11 firms load highly on this component, seven of which are in accountancy. Of the remaining four, three others are London-based insurance firms with just one other firm, a management consultancy. This component is clearly picking up the particular emphases of accountancy in globalization. Although the most globalised of services in terms of numbers of offices across the world, there remains a distinctive bias in service towards the rich, non-Asian world.

This western emphasis (with its Old Commonwealth flavour) is most definitely articulated through London; it records the third highest component score in the whole analysis.


Globalization is very complex, not least in its geographies of service provision. Our results show multiple globalizations created by the interaction of three distinct influences: the characteristics of different service sectors, the attractions of different regions, and the rankings of cities in terms of importance. We deal with each influence in turn.

There are no components with high loadings purely from one sector. Nevertheless, the components are all easily distinguished by a concentration in one or two sectors. Banking and law share a component (I) and both dominate in one other component each (II and V respectively). Accountancy, advertising and management consultancy each have their 'own' component (VI, IV, and II respectively). Only the smallest sector in our data, insurance with 11 firms, does not have its own component. It splits between components in terms of firm origin: non-UK European firms in the European component (I), US firms in the North American components (II and V) and London firms in the Asian and western components (III and VI)). Otherwise these different sectoral geographies are the product of distinctive origins/histories and contrasting opportunities that arise with contemporary globalization. The basic conclusion is, therefore, that there is no single global service geography.

Despite the analysis including only global service firms, the resulting geographies are remarkably regional in nature. However, global service provision does not create an even world regional distribution. It is the main 'globalization arenas' (northern America, western Europe and Pacific Asia) that dominate the high component scores. Pacific Asia is the most distinctive region in this analysis with its own component (III). Northern America and Europe each dominate two components (II and V, and I and IV, respectively) and show two very different patterns within these regions. This shows that we should not assume regions are necessarily integrated into globalization through just one set of linkages. Finally, all the regional patterns show trans-regional linkages but this is most evident in the 'western' component that links European cities with cities created worldwide by settlers of (northern) European origin. The second conclusion is that the regional geography of globalization is very intricate.

The constant that emerges from studying the geography of services at the global scale is the hierarchical tendency within the network of world cities. The chief 'articulator' cities - Frankfurt, Chicago, Tokyo, New York (twice) and London - are quite predictable given reasonable knowledge of the globalization of services. However, we should not extrapolate from service geographies at smaller scales to assume these define 'hinterlands'. With electronic communication, services can be organised in very different ways that do not need the simple contiguity of service-centre and service-field as traditionally occurs in local analyses [Taylor, 2001b]. This is clearly illustrated in what is the most interesting geography in this study. In advertising (component IV), a set of second level world cities mainly in Europe are connected through the leading global advertising centre New York, which happens to be on another continent. Our final conclusion is that analysing global service firms illustrates new spatial forms of inter-city relations that transcend boundaries to constitute contemporary globalization.


This research is a product of ESRC project: "World City Formation in a Space of Flows"


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Appendix A: The "GaWC 100"




AGN International


Allen and Overy

Arthur Andersen

Bank of Tokyo-Mitsubishi

Baker and McKenzie

BDO International


Cameron McKenna

Ernst & Young

Bayerische HypoVereinsbank

Clifford Chance

Fiducial International

Bayerische Landesbank Girozentrale

Coudert Brothers

Grant Thornton International

BNP Paribas

Dorsey and Whitney

HLB International

Chase Hambrecht & Quist

Freshfields Bruckhaus Deringer

Horwath International

CitiGroup (Citibank +SSBCiti Asset Management)

Jones Day

IGAF. International Group of Accounting Firms.


Latham and Watkins


Credit Suisse First Boston

Linklaters - Alliance

MacIntyre Sträter International

Dai-Ichi Kangyo Bank

Lovells Boesebeck Droste

Moore Stephens International

Deutsche Bank

Morgan Lewis

Moores Rowland International

Dresdner Bank

Morrison and Foerster LLP

Nexia International

Fuji Bank

Sidley and Austin

PKF International


Skadden, Arps, Slate, Meagher, and Flom LLP


ING Bank

White and Case

RSM International

J. P. Morgan

Summit International + Baker Tilly

Rabobank International




A.T. Kearney


SDI (Sakura +Dellsher Bank)

Andersen Consulting

Asatsu DK

Sumitomo Bank

Bain & Company

BBDO Worldwide


Booze, Allen & Hamilton

CMG. Carlson Marketing Group

WestLB (Westdeutsche Landesbank Girozentrale)

Boston Consulting Group

D'Arcy Masius Benton & Bowles

Cap Gemini Consulting

Draft Worldwide



Euro RSC6

Allianz Group




Deloitte Touche Tohmatsu

Hakuhodo Inc.

Chubb Group

Hewitt Associates




J Walter Thompson

Liberty Mutual

Logica Consulting

McCann-Erickson WorldGroup
McKinsey & Company
Ogilvy & Mather Worldwide Inc.
Mercer Management Consulting
Saatchi and Saatchi
Reliance Group Holdings
Sema Group
TMP Worldwide
Royal and SunAlliance
Towers Perrin
Young and Rubicam Inc. Skandia Group Watson Wyatt Worldwide




Appendix B: Principal Components Analysis

The principal components analysis used a principal axis extraction and a varimax rotation. Only high loadings (above 0.4) and high scores (above 1.0) are listed. The codes for sectors are AC = accountancy, AD = advertising, BF = banking/finance; IN = insurance, LW = law, and MC = management consultancy.

Component I


0.81 Bayerische LG (BF); 0.78 Freshfields BB (LW); 0.74 Sakura (BF); 0.73 Lovells (LW); 0.72 Linklaters (LW); 0.71 Clifford Chance (LW); 0.67 Cameron McKenna (LW); 0.66 Commerzbank (BF); 0.62 Allen & Overy (LW); 0.60 WestLB (BF); 0.58 Deutche (BF); 0.58 Allianz (IN); 0.55 Dresdner (BF); 0.55 Winterthur (IN); 0.52 Nexia (AC); 0.52 White & Case (LW); 0.49 AGN (AC); 0.48 PricewaterhouseCoopers (AC); 0.48 McKinsey (MC); 0.47 Cap Gemini (MC); 0.45 Sema (MC); 0.44 Coudert Brothers (LW); 0.44 Boston (MC); 0.43 Fortis (IN); 0.42 ABN (BF); 0.40 Fuji (BF)


3.4 Frankfurt; 3.3 Munich; 2.9 Berlin; 2.6 London; 2.5 Paris; 2.3 Hamburg; 1.9 Dusseldorf; 1.8 Budapest; 1.7 Milan; 1.6 Hong Kong; 1.8 Warsaw; 1.6 Cologne; 1.5 Brussels; 1.5 Amsterdam; 1.5 Luxembourg; 1.4 Prague; 1.3 Moscow; 1.3 Stuttgart; 1.2 Singapore; 1.0 Vienna; 1.0 New York

Component II


0.69 Andersen (MC); 0.67 Hewitt (MC); 0.67 Kearney (MC); 0.64 McKinsey (MC); 0.63 Watson Wyatt (MC); 0.61 Towers Perrin (MC); 0.59 Chubb (IN); 0.56 Bain (MC); 0.55 CMG (AD); 0.55 TPM (AD); 0.54 Boston (MC); 0.52 Bank of Tokyo (BF); 0.51 Arthur Andersen (AC); 0.50 Booze Allen and Hamilton (MC); 0.48 Reliance (IN); 0.42 Impiric (AD); 0.40 Chase (BF); 0.40 Jones Day (LW)


3.7 Chicago; 2.6 Dallas; 2.2 Atlanta; 2.2 Boston; 1.9 Melbourne; 1.9 Buenos Aires; 1.7 Toronto; 1.7 Cleveland; 1.6 Madrid; 1.6 Sao Paulo; 1.6 Detroit; 1.4 Zurich; 1.4 Amsterdam; 1.3 Sydney; 1.2 San Francisco; 1.2 Minneapolis; 1.1 Milan; 1.1 Washington

Component III


0.79 J P Morgan (BF); 0.76 HSBC (BF); 0.76 Sumitomo (BF); 0.76 Asatsu (AD); 0.75 Bayerische HV (BF); 0.70 Hakuhodo (AD); 0.61 Prudential (IN); 0.59 Dai Ichi Kangyo (BF); 0.55 Sanwa (BF); 0,49 Fuji (BF); 0.47 Chase (BF); 0.47 UBS (BF); 0.47 Citigroup (BF); 0.44 Barclays (BF); 0.42 Bank of Tokyo (BF); 0.41 CGNU (IN); 4.0 Baker and McKenzie (LW)


3.9 Tokyo; 3.1 Bangkok; 2.8 Taipei; 2.5 Hong Kong; 2.2 Jakarta; 2.0 Kuala Lumpur; 2.0 London; 1.9 Beijing; 1.9 Singapore; 1.7 Shanghai; 1.5 Seoul; 1.5 Manila; 1.5 Guandzhou; 1.4 Ho Chi Mingh City; 1.2 New Delhi; 1.2 Manama; 1.1 Los Angeles; 1.1 Chicago; 1.1 Luxembourg

Component IV


0.74 Ogilvy (AD); 0.72 IBM (MC); 0.71 D'Arcy (AD); 0.70 BDO (AC); 0.68 McCann-Erickson (AD); 0.67 FCB (AD); 0.66 Deloitte Touche (MC); 0.63 Young and Rubicam (AD); 0.60 Grant Thornton (AC); 0.60 Satchi and Satchi (AD); 0.56 J Walter Thompson (AD); 0.53 BBDO (AD); 0.52 Impiric (AD); 0.43 BNP (BF); 0.40 Nexia (AC)


3.2 New York; 1.7 Johannesburg; 1.6 Helsinki; 1.5 Istanbul; 1.4 Athens; 1.3 Toronto; 1.3 Lisbon; 1.3 Tel Aviv; 1.2 Madrid; 1.2 Copenhagen; 1.2 Brussels; 1.2 Buenos Aires; 1.1 Vienna; 1.1 Warsaw; 1.1 Sofia; 1.1 Manila; 1.0 Bucharest; 1.0 Miami

Component V


0.72 Latham and Watkins (LW); 0.70 Morgan Lewis (LW); 0.69 Skadden, Arps, etc. (LW); 0.67 Morrison & Foerster (LW); 0.67 Sidley and Austin (LW); 0.62 Dorsey & Whitney (LW); 0.55 Jones Day (LW); 0.53 Coudert Brothers (LW); 0.49 White & Chase (LW); 0.48 Mercer (MC); 0.47 CSC (MC); 0.42 Chubb (IN); 0.41 Towers Perrin (MC); 0.40 PricewaterhouseCoopers (AC)


5.6 New York; 5.2 Washington; 2.9 Los Angeles; 2.1 London; 1.8 Tokyo; 1.2 Hong Kong; 1.4 Frankfurt; 1.3 Denver; 1.3 San Diego; 1.1 San Francisco

Component VI


0.62 PKF (AC); 0.57 Lloyd's (IN); 0.53 MacIntyre Strater (AC); 0.53 CSC (MC); 0.47 IGAF (AC); 0.46 Howarth (AC); 0.45 Summit (AC); 0.45 HLB (AC); 0.45 Royal and SunAlliance (IN); 0.44 AGN (AC); 0.41 CGNU (IN)


4.3 London; 2.1 Montreal; 2.1 Toronto; 1.7 Paris; 1.7 New York; 1.7 Hamilton; 1.6 Vancouver; 1.5 Copenhagen; 1.5 Stockholm; 1.5 Perth; 1.5 Brisbane; 1.4 Birmingham; 1.4 Sydney; 1.4 Adelaide; 1.3 Milan; 1.3 Rotterdam; 1.3 Dublin; 1.2 Boston; 1.1 Oslo; 1.1 Houston; 1.1 San Francisco; 1.0 Los Angeles


Figure 1: Component I: Pan-European emphasis in Banking and Law articulated through Frankfurt and Munich 

City codes:

AB Abu Dubai; AD Adelaide; AK Auckland; AM Amsterdam; AS Athens; AT Atlanta; AN Antwerp; BA Buenos Aires; BB Brisbane; BC Barcelona; BD Budapest; BG Bogota; BJ Beijing; BK Bangkok; BL Berlin; BM Birmingham; BN Bangalore; BR Brussels; BS Boston; BT Beirut; BU Bucharest; BV Bratislava; CA Cairo; CC Calcutta; CG Calgary; CH Chicago; CL Charlotte; CN Chennai; CO Cologne; CP Copenhagen; CR Caracas; CS Casablanca; CT Cape Town; CV Cleveland; DA Dallas; DB Dublin; DS Dusseldorf; DT Detroit; DU Dubai; DV Denver; FR Frankfurt; GN Geneva; GZ Guangzhou; HB Hamburg; HC Ho Chi Minh City; HK Hong Kong; HL Helsinki; HM Hamilton(Bermuda); HS Houston; IN Indianapolis; IS Istanbul; JB Johannesburg; JD Jeddah; JK Jakarta; KC Kansas City; KL Kuala Lumpur; KR Karachi; KU Kuwait; KV Kiev; LA Los Angeles; LB Lisbon; LG Lagos; LM Lima; LN London; LX Luxembourg; LY Lyons; MB Mumbai; MC Manchester; MD Madrid; ME Melbourne; MI Miami; ML Milan; MM Manama; MN Manila; MP Minneapolis; MS Moscow; MT Montreal; MU Munich; MV Montevideo; MX Mexico City; NC Nicosia; ND New Delhi; NR Nairobi; NS Nassau; NY New York; OS Oslo; PA Paris; PB Pittsburgh; PD Portland; PE Perth; PH Philadelphia; PL Port Louis; PN Panama City; PR Prague; QU Quito; RJ Rio de Janeiro; RM Rome; RT Rotterdam; RY Riyadh; SA Santiago; SD San Diego; SE Seattle; SF San Francisco; SG Singapore; SH Shanghai; SK Stockholm; SL St Louis; SO Sofia; SP Sao Paulo; ST Stuttgart; SU Seoul; SY Sydney; TA Tel Aviv; TP Taipei; TR Toronto; VI Vienna; VN Vancouver; WC Washington DC; WL Wellington; WS Warsaw; ZG Zagreb; ZU Zurich


Figure 2: Component II: North American emphasis in Management Consultancy articulated through Chicago 

For city codes see Figure 1


Figure 3: Component III: Pacific Asian emphasis in Banking articulated through Tokyo 

For city codes see Figure 1


Figure 4: Component IV: European minor primate emphasis in Advertising articulated massively through New York 

For city codes see Figure 1


Figure 5: Component V: United States emphasis in Law articulated through New York and Washington 

For city codes see Figure 1


Figure 6: Component VI: 'Western' emphasis articulating Accountancy through London 

For city codes see Figure 1

Edited and posted on the web on 10th September 2001; last update 8th February 2002

Note: This Research Bulletin has been published in The Service Industries Journal, 24 (3), (2004), 63-81