ONE of New York’s most powerful investment bankers has moved to London in a major coup for the City in its long-running rivalry with Wall Street.

David Puth, global head of foreign exchange at JP Morgan, has transferred to the bank’s offices on London Wall after a review of its management structure.

Puth, 47, is thought to be the most senior American executive at the bank to have made the switch across the Pond.

As well as his role at JP Morgan, Puth is chairman of the Federal Reserve Bank’s Foreign Exchange Committee. He moved last month and has settled with his family in a rented house in Kensington, west London.

Puth said the bank now draws more than 40% of its revenue from outside America – a figure that is steadily rising – with Europe the most important region.

The rapid growth of hedge funds in London, where about a third of the world’s foreign exchange transactions are carried out, had also been a factor in his move.

Puth said working from London had already given him a huge “time- zone advantage” over New York because of its location between North America and the Far East.

“I can start the day with our Tokyo and Singapore offices,” he said. “That would have been just about possible in New York but not during trading hours – you just get a different feeling when you’re doing it during an active trading session.

“Then I can sign off the evening with a conversation with New York.

One great wish in life has always been ‘If only there were a couple more hours in the day’. Now I have a response to that – move to London.”