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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.

NYT: Report: NYC May Lose Top Financial Spot