A recent issue of The Economist has drawn attention to a report on the financial services industry released by the Chamber and Mass Insight, with the assistance of McKinsey & Co., in March 2007.

The report, “Securing Massachusetts’s Leadership Position in Financial Services,” outlines Massachusetts's continued strength in the financial services industry, but warns that the lack of a coordinated state strategy and fierce global competition threaten the industry’s 180,000 job base.

The Economist’s September 13^th “Special Report on Financial Services,” discusses many of the concerns raised by the Chamber’s report, and emphasizes the growing competition from financial centers in the developing world.

Following the release of our report in March, the Chamber formed a working group with Mass Insight and McKinsey to create an implementation framework for advancing its recommendations and proposed initiatives.

Throughout the summer the working group met with government leaders – including Housing and Economic Development Secretary Dan O’Connell, his senior leadership team, and top aides to Attorney General Martha Coakley – to build support for the recommendations.

We will continue working to advance these issues in the fall, and have expanded our programming targeted at the financial services sector to better connect the industry with key government officials.