Thursday, December 07, 2006

NY Perspective

While we fret over the loss of the Mellon HQ here in Pittsburgh, New York's City Journal has a more nuanced perspective on what the merger will mean. Their thought is that NY may lose more back office 'middle class' jobs they call them to Pittsburgh but gain the higher end securities industry jobs. That may be a less than half full perspective for us but maybe it's not so bad. The bigger point near the end: finance is a global industry. Having a seat at that table as the global finance industry consolidates may work out in the end.

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