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Yesterday, consulting firm McKinsey unveiled a report.... Mayor Bloomberg and Sen. Charles Schumer (who jointly commissioned the report) gave the sobering news the attention it deserves, and Gov. Spitzer joined in. "If New York goes from being the financial capital of the world to becoming only a regional market . . . every aspect of New York life will suffer, not just financial services," Schumer said, alluding to how Wall Street drives Gotham's economy. McKinsey found trouble across New York's entire financials-services spectrum, from equity to debt to derivatives. Equities: Global firms no longer line up to list stocks on...

The world's financial system is overflowing with stocks, bonds and other financial assets -- $140 trillion worth, to be precise. The figure was released in a study by McKinsey & Co. that maps financial assets around the globe and seeks to track the flows of these assets as they move from one region to another, putting hard numbers on the oceans of capital washing up around the globe. At $140 trillion in 2005, the value of the world's financial assets hit a new peak and was more than three times as large as the total output of goods and services...

NOTE: In a recent vanity, I considered one of the real reasons for outsourcing, namely, demographics. This article first recaps that vanity, and then explores some of the changing rationales given by proponents of outsourcing. . As the United States population ages, large corporations have been realizing that a major profit center for their goods and services will be drying up or diminishing. Since the clarion call of Wall Street is for ever increasing short-term profits, without a requirement to consider the long-term ramifications of actions, the obvious “solution” has been to try at all costs to bring up the...

Healthy outlook: Chelsea Clinton, 23 next week, wants to be a business consultant specialising in the healthcare sector. Photograph by Jean-Marc Ferre/Reuters CHELSEA CLINTON is the envy of this year’s graduate trainees after being offered a $100,000 (£64,500)-a-year job with McKinsey, the New York management consultancy. Sources close to McKinsey confirmed that the daughter of Bill Clinton, the former President, had been offered an “entry level” position as a business analyst but had not yet accepted the job. Miss Clinton received similar job offers from McKinsey and Boston Group, another management consultancy firm, and appears to have negotiated a...