City response on New York Financial Markets report

23 January 2007

The City of London is warning against complacency, after a report commissioned by the Mayor of New York City Michael Bloomberg highlighted London’s success as a centre for global financial markets.

Amongst its many findings, the McKinsey report on New York’s global financial services sector found that a complex regulatory framework has prompted many foreign firms to stay out of the U.S. markets. The report warns that New York is losing business and high-skilled workers to London and other overseas competitors.

The City of London’s Policy Chairman Michael Snyder said: “The threats to London's position as the world's leading centre of international financial services do not just come from New York. This week I’ve been visiting the City Office in Brussels where we closely monitor the EU's likely effects on the UK's most successful sector.”

Press release

© City of London