Zandi said he was impressed Santomero took the time to examine the City of Philadelphia's economy, review its assets and make suggestions related to its finances. Santomero said full usage of the Fed's 1,300 local employees will be one way he'll seek to make a bigger impact. We try to point out the facts and the implications of those facts. One thing many people don't realize is that the local economy has morphed into a microcosm of the national economy, Santomero said. While manufacturing continues to wane, service and biotech employment climbs.
Financial services remain a key component.
The question is if that's true now, given the decline of manufacturing. It is the hope of many that we'll become more resilient. As for ongoing local bank consolidation, Santomero said the trend mirrors what's happening in Europe and Asia. But while some wring their hands, Santomero labels it a sign of vibrancy, given the continued development of new banks and the growth of community banks. Yet he admitted winners and losers emerge in the process.