Friday, March 19, 2021

Goldman Sachs Is Going South

The exodus continues. Now Goldman Sachs, a venerable New York institution if ever there was one, is moving its asset management division to West Palm Beach. I had previously reported that it was considering the move. Apparently, it has gone beyond ... considering.

If you were wondering whether New York City would soon return to its former glory, this suggests that it will not.

Zero Hedge has the story:

"Wall Street South" appears to be full steam ahead as Goldman Sachs Group Inc. "discreetly" asked employees at New York City offices if they would volunteer to move to its asset-management unit in Florida, according to Bloomberg sources.

Sources said executives managing Goldman Sachs Asset Management and its merchant banking operations had asked employees if they would be willing to be relocated to West Palm Beach. The first batch of employees to be relocated could include a couple of hundred investment professionals.

It isn’t just Florida that is on the arrival end of the Goldman move. Note the fact that these moves involve thousands of jobs:

Goldman's CEO David Solomon has already implemented a strategy to move segments of the firm to cheaper metro areas. The investment bank has recently expanded its presence in Utah and Texas with thousands of jobs.

Sources also said that Stephanie Cohen, Goldman's co-head of consumer and wealth management, is increasing Dallas' operations. 

There go some very good paid jobs. The reason is not mysterious. Zero Hedge explains it:

Goldman and other financial institutions in New York City are packing up their bags and heading south because out-of-control liberal politicians are increasing taxes and regulations and have defunded police resulting in a sharp jump in violent crime. In conservative states, many of these issues do not exist. 

Hmmm. It looks like people are noticing and are taking action.


urbane legend said...

Good. Certainly no offense intended to the good people of New York, but mayors like de Blasio have made NYC look foolish and irresponsible for years. His soda tax was laughable.

I am sure there are many like me who are tired of hearing that not only is NYC the center of the financial world, it is the center of the universe, period.

Sam L. said...

Democrats desecrate their cities and states. The STUPID is STRONG in those ones.

KCFleming said...

Socialism is like alcoholism.
Often you have to hit rock bottom before you change.