Poor Sarbox guidance a threat to world's financial centre
McKinsey report says clearer Sarbox guidance is desperately needed to revive New York's capital markets
In a specially commissioned report, consultancy
McKinsey interviewed 50
financial services chief executives in the New York and found that 40% of the
respondents feared that New York will become a less attractive place to do
business if guidance on Sarbanes-Oxley is not made clearer.
The FT reports that if trends continue, New York would lose seven
percentage points of its market share, a development which would cost 60,000
jobs over the next five years.