From the AP via Newsday:
The city is losing its competitive edge and could give up its place as the financial capital of the world in as little as 10 years, a report commissioned by Mayor Michael Bloomberg and Sen. Charles Schumer has found.
On Monday at City Hall, the New York leaders were expected to discuss the report from consulting group McKinsey & Co.
Bloomberg and Schumer have been concerned about what they say is a growing threat to New York’s position as a global leader.
According to the report, copies of which were given to some reporters ahead of the announcement, New York and other U.S. cities are falling behind in financial services while cities including London, Dubai, Hong Kong and Tokyo are surging ahead.
Bloomberg, a Republican and former CEO, spent years on Wall Street and built his multibillion-dollar fortune from the financial information company Bloomberg LP, which he founded in the early 1980s.
“The financial services industry is one reason that the 20th century was the American century and that New York became the world’s capital,” he said in a statement. “This is one of many challenges to our long-term health and stability that requires we move beyond partisanship to find solutions.”
According to the report, the trends being observed today could result in significant setbacks: The United States stands to lose “substantial market share in investment banking and sales and trading over the next five years,” equal to billions of dollars.
“The last thing that New York and the country for that matter need is to wake up one morning and find we are no longer the financial capital of the world,” Schumer said.