Where is Wall Street? Financial Geography after 09/11

Abstract

We analyze the effects of the 09/11 attacks on Wall Street as a geographical cluster of financial service providers. We point out that 09/11 has served as a catalyst for an already ongoing trend of relocation in the industry. The financial district ‘Wall Street ’ has been superseded by a broader agglomeration that includes Midtown Manhattan and possibly even parts of New Jersey (Greater Wall Street pattern). The paper discusses the challenges that 09/11 has set for financial services companies in reducing risk and optimizing their information flows by adapting geographical organization patterns and making best use of costly technologies. The effects of 09/11 are put into a wider context of driving forces of change that include technological changes as well as the broader economic situation and its influence on the industry. Keywords: economic geography, financial services industry, New York City, financial district, terrorist attack

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