The Telegraph reports that Boris has commissioned the Mckinsey management consultancy firm to “carry out a…review of London’s status as one of the world’s leading financial centres”. McKinsey, one of the world’s most respected consultancy firms, with an estimated annual revenue of $4.37 billion, will work with a panel of prominent senior City figures, including Andrew Moss, chief executive of Aviva, Manny Roman, of the hedge fund, GLG Partners, and John Varley, chief executive of Barclays.
In 2005, when Mckinsey produced a study for Tony Blair, a ‘senior official’ told the Financial Times that the firm “doesn’t have the greatest of reputations among civil servants. They come and state the bleeding obvious using Powerpoint“. It was then revealed that the MoD had handed McKinsey £40 million worth of contracts between 2001 and 2005.
The public profile of McKinsey grew when the firm conducted a review of New York for Michael Bloomberg. This review, according to the Mayor, showed that “the chilling fact is that if we do nothing, within 10 years, while we will remain a leading regional financial centre, we will no longer be the financial capital of the world.”
For London, however, McKinsey has been advised to be “more forward-looking and practical“.
(Edited for broader points of information.)
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