Goldman Sachs CEO Says Declining New York City May Lose Status As Global Financial Hub

Goldman Sachs chief executive David Solomon warned at a Financial Times conference that New York City may cease to be a global financial hub if it does not end the policies causing its decline.

During remarks at the conference, as summarized by The New York Post, Solomon said that “New York has to be aware that there are good choices, and it’s got to keep itself attractive” — especially with relation to “taxes” and “cost of living.”

Solomon added that no city is guaranteed “a permanent place in the world,” referring to Detroit losing its status as the capital of the automobile industry.

Indeed, the tax burden in New York City is among the largest in the nation. The New York Post noted that the Big Apple imposes a 3.9% tax on top income-earners, in addition to New York state’s 10.9% rate and the federal government’s 37% rate. – READ MORE