It’s part of a trend as firms in New York look to lower costs
Bloomberg News reports that New York’s hold on finance and investing jobs keeps slipping.
On Tuesday, word began leaking in both Manhattan and Nashville, Tennessee, that AllianceBernstein plans to relocate its headquarters from the city known for Broadway shows to one more famous for country music. The firm’s senior leaders including CEO Seth Bernstein will move, according to the Wall Street Journal. And they may be joined by more than 1,000 staff, the Nashville Post reported.
Even as JPMorgan Chase plans a new headquarters on Park Avenue, some big banks and money managers are shifting resources by hundreds or thousands of miles to cheaper U.S. cities. In recent years, Goldman Sachs has built up operations in Salt Lake City, while Deutsche Bank has expanded in Jacksonville, Florida. Pacific Investment Management Co. just chose Austin, Texas, for a new office as the asset manager seeks to recruit tech workers and broaden marketing in the U.S.
Hit the link below to access the complete Bloomberg News article: