It's almost the end of the financial world as we know it-- in New York City. At least that's according to New York Mayor Michael Bloomberg (R) and Sen. Chuck Schumer (D-NY). Both men say NYC--and the U.S. for that matter-- are losing their competitive edge as leaders in financial dealings. Today--the politicos released a study done by the mayor's office and consultant group McKinsey that apparently proves the point. CNBC's Margaret Brennen had the details "Morning Call." (prior CNBC reports on this story with analyst interviews.)
At a press conference in NYC--Bloomberg said this: "Unless we take the corrective steps and soon, we are going to see America's leadership in global financial transactions dwindle putting a chill on the nation's economy and the city's that will spell fewer jobs and slower overall growth."
What the report says is that NYC and the U.S. are losing IPOs, hedge funds and other financial services to cities like London. London has seen an increase of .4% of its financial services work force while NYC has seen a drop of .7% in the last year. The main reason seems to be "over regulation."