NYC risks losing status within 10 years, report warns
NEW YORK – New York City could lose its status as a financial centre within 10 years without a major regulatory shift, says a new report.
The McKinsey & Co report, Sustaining New York's and the US's Global Financial Services Leadership, commissioned by mayor Michael Bloomberg and US senator Charles Schumer, warns that stringent regulations, high litigation risk and immigration policy are causing the city to lose business and skilled professionals to London and other world financial centres.
The report was informed by interviews with
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