NEW YORK — The city is losing its competitive edge and could give up its place as the financial capital of the world in as little as 10 years, a study has found. The study was commissioned by Mayor Michael Bloomberg and Sen. Charles Schumer, who have been concerned about what they say is a growing threat to New York’s position as an international leader. ‘Unless we take corrective steps, and soon, we’re going to see America’s leadership in global financial transactions dwindle, putting a chill on the nation’s economy and the city’s,’ Bloomberg said at a City Hall news conference. ‘That will spell fewer jobs and slower overall growth.’ Bloomberg, a Republican and former CEO, and Schumer, a Democrat, outlined the report’s findings and recommendations, which include some changes specific to an anti-fraud law, known as the Sarbanes-Oxley Act, enacted in 2002 amid a spate of corporate scandals. According to the study, by the consulting group McKinsey & Company, New York and other U.S. cities are falling behind in financial services while cities including London, Dubai, Hong Kong and Tokyo are surging ahead. It concludes that the U.S. is losing its advantage because of […]