After Lehman Brothers collapsed last fall, it quickly became clear to the Bloomberg administration that the spiraling economic crisis was going to hit New York especially hard. The financial sector had been the city’s economic engine, driving real wages and estate prices up citywide.
So the Bloomberg administration did what it so often does when it wants to think big: It ordered the creation of a point-by-point action plan, fed in large part by work from a major private consulting firm.
Four months later, we now have a product, as Mayor Bloomberg on Wednesday unveiled his “Financial Services Revitalization Plan,” calling for 11 points of action in the wake of the economic crisis. In the past the city had turned to McKinsey & Company for a few big reports: this time it engaged Boston Consulting Group to help with the report, which was prepared by the city’s Economic Development Corporation. read more »