Jan 25, 2007

Not Just Manufacturing

As reported on by David Wighton of FT.com, New York could lose 60,000 jobs in its financial district to London and other financial centers within the next five years.

In a study by
McKinsey Consultancy, a global relations firm, Mr. Wighton reports: “The report, 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.”

Also quoted from the article: “McKinsey based the report partly on interviews with 50 financial services chief executives. There was a consensus that New York had become less attractive than London over the past three years, and many expected the trend to continue.”