Now the migration of larger financial firms and money managers is showing signs of gaining momentum. Some employers are trying to accommodate owners or top talent who prefer the state. Such pressure may build as throngs of New Yorkers decamp to the Sunshine State as they wait for a vaccine in spacious homes with private pools.
Already, Paul Singer’s Elliott Management Corp. plans to move its headquarters to West Palm Beach from midtown Manhattan. Other investing powerhouses like Blackstone Group Inc. and Ken Griffin’s Citadel have been bulking up their presence in the state.
Meanwhile, New York’s defenders have been calling on business leaders to stand by the metropolis, predicting it will rebound once the pandemic passes.
“With all due respect to Florida, no place can compare to New York City’s concentration of talent, education, innovation and next-generation technology,” said Bill Neidhardt, press secretary to New York Mayor Bill de Blasio. “The city continues to see new expansions and investments from the leading industries and we expect more to come.”
Goldman’s top competitors have flirted with the idea in the past. JPMorgan Chase & Co. CEO Jamie Dimon in 2013 praised Florida’s business-friendly policies and joked that he sometimes wonders aloud why the nation’s biggest bank doesn’t relocate to Miami. Executives at one point floated the possibility of moving the firm’s headquarters to the state, but dismissed the proposal over issues including the quality of Florida’s schools.
The coronavirus has stoked more serious conversation inside boardrooms, especially as executives fret about the new Democratic administration raising taxes and look to cut expenses to improve returns in an ailing economy.
This article was provided by Bloomberg News.