Wall Street Firms Move $2 Trillion Out of N.Y., Calif.
(Worthy News) – Repelled by rampant crime, high taxes and exorbitant housing costs, financial firms managing $2 trillion in assets have left New York and California for Texas, Florida and other Sun Belt states where the cost of living is as much as 40% cheaper, Bloomberg reports.
In the three years through March 2023, 370 major investment firms with $2.7 trillion in assets under management—2.5% of the total assets managed by investment firms in the U.S.—moved their headquarters to a new state. Even North Carolina and Tennessee saw more than $600 billion in assets seek refuge, primarily due to AllianceBernstein’s jump from New York to Nashville in 2021 and Allspring Global Investment giving up San Francisco for Charlotte in 2022.
The mass migration is taking a toll on California’s and New York’s tax revenue base, as well as career prospects for financial professionals. In 1990, 33% of all U.S. financial industry jobs were in New York, but by last year, New York’s share of these jobs had shrunk to 17.6%. [ Source: NewsMax (Read More…) ]
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