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From NYC to London, Financial Cuts Will Accelerate

NEW YORK CITY-While policies like Dodd-Frank and the Volcker Rule are reigning in risky trading, panelists agreed at NYU Schack’s annual London/New York Dialogue that more regulations could result in massive job losses in the financial services sector.

By Jacqueline Hlavenka | Updated on September 27, 2011

NEW YORK CITY-Even with 2008 long gone, the aftershocks of the last economic downturn are still reverberating through the streets of New York and London. “We are in the middle of a crisis,” said Peter Solomon, founder and chairman of the Peter J. Solomon Company LP at NYU’s Schack Institute of Real Estate’s “Keeping the Global City Competitive” London/New York Dialogue on Tuesday morning.

Solomon, a former investment banker with Lehman Brothers and former deputy mayor for economic policy under Mayor Edward I. Koch, spoke with Tony Travers, director of LSE London of the Greater London Group about the role of the two cities in the stabilization of the global economy during the “New York and London as World Financial Centers, Post Crisis and the Regulatory Environment” panel. 

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