Monday, 22 January 2007

Threat to New York as centre of finance


New York is facing a threat to its position as the world’s leading financial centre, according to a report commissioned by Michael Bloomberg, the city’s mayor, and New York Senator Chuck Schumer.If current trends continue, New York could lose up to 7% of its market share, equivalent to 60,000 jobs, over the next five years. But much of that loss would be prevented if the US implemented legal and regulatory reforms, says the report by McKinsey, the consultancy.The report, to be published on Monday, says New York has also been losing out in areas such as derivatives, where Wall Street chief executives say they have been shifting business to London because of its more attractive legal and regulatory environment.

I always feel very proud when London does better than any other city in the world. Way to go!

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