The CEO of behemoth BlackRock Inc. said that without notable deregulation of city laws, New York may lose many large employers. Larry Fink told the Economic Club of New York that the city’s former luster is now notably tarnished.

Bloomberg reported that Fink told club members, “The city is on the verge of losing a lot of companies. I don’t believe the city has the vitality that it did before.”

BlackRock is headquartered in New York and is considered the world’s largest asset manager, with more than $11 trillion in managed assets.

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