FINANCIAL CAPITAL FOREVER?

If Wall Street is booming at the moment, and six of the world’s top ten financial services institutions are based in the New York metropolitan area, more and more nations are challenging New York City’s position as the world’s financial capital, according to this 142-page report prepared by the consulting company McKinsey Co. working with the New York City Economic Development Corporation at the request of Mayor Michael Bloomberg and U.S. Senator Charles Schumer. “Sustaining New York’s And The U.S.’s Global Financial Services Leadership” argues that the U.S. “is moving in the wrong direction” on issues such as the availability of skilled workers (thanks in part to U.S. immigration policy), the “legal environment” (thanks in part to the complexity of the legal system and a “propensity toward litigation”) and “regulatory balance.” (the multiple system of ...

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