Business Services Industry
Trade deal helps NY firms; financial services win big gains in pact opening up new markets. (New York, NY)
Crain's New York Business, January, 1998 by Lipowicz, Alice
Financial services win big gains in pact opening up new markets New York City banks, securities houses and insurers will be the big winners from a broad agreement struck by the World Trade Organization last month to remove barriers for global financial companies. Experts say the city will benefit as high-paying jobs are added to oversee international expansion.
"Financial services are the engine of job growth for New York City, and this agreement will result in an expansion of high-level, well-paid jobs here," says Rae Rosen, senior economist for the Federal Reserve Bank of New York. The pact will go into effect in 1999, chock-full of advantages for global firms based in New York: * Citicorp's automatic teller machines in Japan will be able to function for many...
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