While the financial services industry grew an average of 3.5% between 2004 and 2005, it expanded only 1% in Massachusetts, Bloomberg reports, citing a new report from McKinsey. At this rate, the state is losing ground as one of the nation’s major finance hubs, the report concludes.

“This is a critical time for a very important industry,” said Paul Guzzi, president of the Greater Boston Chamber of Commerce, which co-commissioned the report with Mass Insight. “If we choose to do nothing, the trend lines are not positive.”

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