Quality of living: New York is more fun than London for the young, party-going types because of the club and bar scene.
However, New York is a big block of concrete, extra cold in winter, extra hot in summer, and if you are a nature-lover or a family-type person you will be very disappointed and it can be very exhausting.
Americans work extremely hard and long hours - there is often no distinction between private life and professional life, especially in New York.
Therefore, you are more likely to close more deals and work on more transactions in the US compared to the UK.
This is mostly because New York has had an established reputation as the leading financial centre for the last 70 years, the fact that the US still is synonym with the "American dream" for most people, and also because working in the US tends to be so much more intense.
Investment banking in the US tends to be a 24/7 job, literally.
Also, with the numerous scandals and high-profile bankruptcies in the US (Enron, World Com, Lehman Brothers, Bear Stearns - all US firms), investors started to think that the US environment might not be the best, after all. New York Overall, investment banking jobs are easier to find (and to keep) for international students in London than compared to the US.
The main reason is due to visa issues: for non-Americans, it is very difficult to obtain work visas or even visas for internships in the US.
Also, the domestic market is very active: M&A volumes in the US are always larger that what you can see in Europe.
Therefore, from a general perspective, Americans tend to be better at financial modelling due to their more extensive experience, and they are used to handle a lot of stress compared to their European counterparts.
London and New York have long been and still remain the financial capital cities of the world. London has always depended on trade and immigration, which have been the key drivers of the city's status as a financial centre.