Digital Reasoning – a graduate of the 2012 FinTech Innovation Lab and Partnership Fund portfolio company – was featured prominently in the Wall Street Journal as a leader in the field of unstructured data analysis. Digital Reasoning is helping financial institutions – several of whom were introduced to Digital Reasoning through the FinTech Lab – to identify suspicious or risk-taking behaviors. The company also recently announced that it surpassed Google’s record for training the largest neural network to date.
“The plan to redesign LaGuardia to enhance efficiency and the customer experience is an important acknowledgement of New York’s airport inadequacies and the Governor’s commitment to address them. The mention of an important new hotel and retail center being developed at JFK, in the former TWA Saarinen Terminal building adjoining Jet Blue’s Terminal 5, suggests the even bigger challenge ahead, which involves expanding the capacity and accessibility of the city’s premiere international airport. “
Program participants include Digital Asset Holdings, EverSafe, MaxMyInterest, PierceMatrix, PYT FUNDS, Social Alpha and Ufora
A select group of leading-edge financial services technology (fintech) companies demonstrated their products and services to dozens of top bank, venture-capital and technology executives today at the fifth annual New York FinTech Innovation Lab Demo Day.
Created by Accenture (NYSE: ACN) and the Partnership Fund for New York City in 2010, the FinTech Innovation Lab is a 12-week mentoring program to enhance fintech innovation and drive high-tech job growth in New York City by connecting startups with decision makers at some of the world’s leading financial institutions. This year’s Demo Day was held at Bank of America’s One Bryant Park in Manhattan.
Kathryn Wylde, President and CEO of the Partnership for New York City, appeared on NY1’s Inside City Hall this evening. She discussed the Partnership’s recent report on the financial services sector in New York City.
“The business community is relieved that the end-of-session compromise reflects an undiluted extension of mayoral control of the New York City schools. While we believe it should have been made permanent, this represents an affirmation by all parties that the best governance system is one that allows the voters to hold the mayor fully accountable. Similarly, the expansion of charter schools and support for non-public schools all work in the direction of more and better options for students. New York City had an ambitious agenda and much of it has been accomplished.”
“New York City’s economic vitality depends on foreign trade agreements that facilitate the export of goods and services to the 95% of consumers who live outside the United States. Our city stands to benefit by getting more and better jobs because of the leadership exercised by Speaker John Boehner to forge a bipartisan majority to support President Obama’s trade agenda. Those New Yorkers who played key roles in this effort include Representatives Gregory Meeks, Kathleen Rice, Peter King, Elise Stefanik, Tom Reed and Richard Hanna. They all took a political risk in the best interests of the city, state and country.”
“The business community strongly supports our city’s uniformed services and, particularly, those police officers and fire fighters who are severely disabled in the course of their work. But disability pensions must be contained or the city will not be able to make other important investments, including funds for law enforcement. Mayor de Blasio and City Council Speaker Mark-Viverito, along with 31 of her colleagues, have shown courage and leadership by supporting a bill that improves the current disability pension system for uniformed personnel while reining in escalating costs. Their actions protect both the integrity of the pension system and the fiscal condition of a city that needs to shepherd its resources to meet a broad range of needs. The state legislature should not override the Mayor and the Speaker’s responsible management of one of the highest cost burdens on local government, nor should Albany be imposing more unfunded mandates on the city.”
Groundbreaking Report by Partnership for New York City & GLG (Gerson Lehrman Group) Shows Accelerated Trends toward Downsizing and Relocation of Banking & Insurance Jobs to Cheaper, Lower Taxed Jurisdictions
NYC Saw a Net Loss of 50,000 Financial Services Jobs From 2000-2013; Middle Class Jobs are Hardest Hit
New York Times Op-Ed By Partnership President & CEO Kathryn Wylde Details Importance of Wall Street to all New Yorkers
New York, New York – The Partnership for New York City today released the first comprehensive report on New York’s financial services industry since the 2008 financial crisis. The report is based on a survey of a broad cross section of the industry, prepared by the Partnership with GLG (Gerson Lehrman Group). It details industry status and trends in terms of its contributions to jobs, tax revenues and economic activity in New York City and suggests what will be needed to maintain the city’s position as the global financial capital. The full report can be found here.
The report, titled At Risk: New York’s Future as the World Financial Capital, concludes that New York City remains the headquarters of global finance. Among the largest employers, however, there is both global downsizing and a growing trend to move jobs and business operations out of New York City to lower cost, more business-friendly locations. Absent public actions to address high costs, high taxes, aging infrastructure and a hostile political and regulatory climate, the global institutions that directly or indirectly employ more than a million New Yorkers, mostly in mid-level jobs, will shrink its New York City presence, with serious consequences for the city’s economic and fiscal health.
“This bill is an example of ideology trumping practicality. There are many positions where employers must consider the background and criminal record of an applicant before offering a job. That is presumably why this legislation gives wide exemptions to city government. It should do the same for private sector employers. New York State already has a strong anti-discrimination law on the books to protect ex-offenders from unfair discrimination in the job market. A bill like this discourages employers and ends up resulting in fewer, not more, job opportunities for the people the City Council wants to help.”
Trade Is Critical To Local & State Economies; New Pacts Designed to Spur U.S. Job Growth
Business organizations from nine states, representing thousands of America’s leading employers, today announced a coordinated campaign to support passage of Trade Promotion Authority (TPA) legislation. The Senate passed the TPA legislation last month and now the House is poised to act. The legislation would authorize the President to negotiate new international trade agreements designed to benefit American business and workers.
Participating organizations include the California Business Roundtable, the Colorado Business Roundtable, Iowa Business Council, the Minnesota Business Partnership, the New England Council, the Oregon Business Council, the Pennsylvania Business Council and the Washington Roundtable. Together, the members of these organizations employ tens of millions Americans. Read More →