Florida is attracting a growing number of financial companies.
Photographer: Walter Bibiko / Stone / Getty Images
Photographer: Walter Bibiko / Stone / Getty Images
Goldham Sachs Group Inc. U.S. Another potential blow to New York’s size as the financial industry’s de facto home is weighing in on plans for a new Florida hub in one of its key divisions.
Officials in South Florida are exploring locations of people fees, talking to local officials and exploring tax benefits as they consider building a base there for its asset management arm, according to people familiar with the matter. The bank’s success in remote management during the epidemic has convinced members of the leadership team that they can advance further roles in the New York area to save money.
Goldum has yet to decide against focusing on asset management in Florida, where it will join a growing list of companies seeking tax and lifestyle benefits. It could also choose another destination like Dallas, where it accelerates its expansion, people said.
Reflections on the Wall Street icon, often a trendsetter for the industry, add to the cloud over New York’s future. As rest restaurants rent and stores struggle to survive, the city is trying to stop the flight of white collar jobs in tax-regulated and low-cost states of living.
Manhattan has the most now Office space is available after the September 11 attacks. This time, the trend started just before the epidemic hit, with Allianceburnstein Holding LP planning to shake up the city boosters in 2018. Move its headquarters to Nashville.
Within Goldman Sachs, the emotional connection with the city, where it has moved forward, is taking the back seat of the company’s ambitious goal of cutting ખર્ચ 1.3 billion earlier this year, relocating employees to cheaper locations. It is not clear how many people will eventually move to Florida. Over the past decade, Goldman has added thousands of jobs in an effort to cut costs in places like Dallas and Salt Lake City. Has cemented its resolve to accelerate the virus or shift.
“We are implementing a strategy to find more jobs in high-value locations in the U.S., but we have no specific plans to announce at this time,” a Goldman Sachs spokesman said in an email statement.
The firm’s newly restructured asset-management division draws about billion 8 billion in annual revenue and is an important pillar of Goldm’s plans to diversify its ways of making money. The decision to create a central location for business in Florida will involve not only back-office fee employees but also some investment professionals, the two said. The shift will be made over time.
Goldman has taken a look at potential office fee space in the corridor north of Miami, covering places like Palm Beach County and Fort Lauderdale.
Florida’s hot weather and lack of state income taxes have lured wealthy Americans for years. But money managers and other financial companies have been migrating there recently to accommodate owners and top talent. While the epidemic could accelerate, many New Yorkers have already equipped Sunshine State as they wait for vaccinations in homes with private ponds.
Paul Singer Elliott Management Corp. plans to move its headquarters from Midtown Manhattan to West Palm Beach. Like other investment powerhouses Blackstone Group Inc. And Ken Griffin’s Citadel is expanding his presence in the state.
Goldm’s top rivals have flirted with the idea in the past. Jamie Dimon, CEO of JPMorgan Chase & Co., praised Florida’s business-friendly policies in 2013 and joked that he often wondered why the country’s largest bank did not relocate to Miami. Officers at one stage The firm’s headquarters moved to the state, but rejected a proposal on issues including the quality of Florida’s schools.
The coronavirus has sparked more serious conversations inside the boardroom, particularly with fears that officials will raise taxes on the new Democratic administration and cut spending to improve returns in the ailing economy.
– Assisted by Amanda L. Gordon, Jonathan Levine and Shaheen Nasiripur
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