The purpose of this article is to examine how the geography of Brazil's financial centers changed since 2000 in terms of financial center hierarchy, specialization, and spatial concentration. To address these questions, we use data on employment and mergers and acquisitions in financial and business services, complemented with data on remuneration and bank assets. Our results show that São Paulo has consolidated its dominance as Brazil's primary financial center, with market for corporate control as an important channel of this process. Rio's decline as a financial center, which started more than fifty years ago, has continued into this century. At the same time, Bras ılia has emerged as the third most important financial center of Brazil. We document the recent dynamic of this territorial division of labor, with Rio's specialization in insurance and Bras ılia's dependence on government-owned banks. Finally, we show signs that Brazil's financial center activities might be following an inverse U-shaped pattern whereby increasing geographical concentration is followed by its slow decline.El prop osito de este art ıculo es examinar c omo ha cambiado la geograf ıa de los centros financieros del Brasil desde el 2000 en t erminos de la jerarqu ıa del centro financiero, la especializaci on y la concentraci on espacial. Para abocar estas cuestiones, usamos datos sobre empleo, fusiones y adquisiciones y servicios de negocios, complementados con datos sobre remuneraci on y activos bancarios. Nuestros resultados muestran que São Paulo ha consolidado su dominio como centro financiero primario del Brasil, con el mercado para control corporativo como uno de los canales importantes de este proceso. La declinaci on de R ıo como centro financiero, que empez o hace m as de cincuenta años, ha continuado en este siglo. Al mismo tiempo, Brasilia ha surgido como el tercer centro financiero m as importante de ese pa ıs. Documentamos la recinte din amica de esta divisi on territorial del trabajo, con la especializaci on de R ıo en seguros y la dependencia de Brasilia de bancos pertenecientes al gobierno. Finalmente, mostramos señales de que las actividades del centro financiero del Brasil podr ıan estar siguiendo un patr on en forma de U invertida, donde la creciente concentraci on geogr afica es seguida por su lenta declinaci on. Palabras clave: Brasil, centros financieros, concentraci on, divisi on territorial del trabajo, São Paulo.