Goldman Sachs, a New York finance icon, is considering moving its asset management operations to Florida, according to recent reports.
THE FOLLOWING WRITTEN CONTENT BY REBECCA UNGARINO
Goldman Sachs, an icon of New York finance headquartered in a downtown Manhattan skyscraper a short walk from Wall Street, is considering shifting its asset management operations to Florida, according to a new report.
Company executives have looked at possible South Florida office space near Miami, covering areas like Palm Beach County and Fort Lauderdale, people with knowledge of the matter told Bloomberg News.If the plans pan out, the bank would join other New York-based financial services firms in making similar moves out of the state and to cheaper states and markets as the coronavirus pandemic spurred a wave of remote work.
Goldman Sachs has been speaking with local Florida officials and considering the lower taxes there, per the report. While Bloomberg reported that it is unclear how many people could locate there, staff would include a mix of back-office staff and investment professionals, according to two of the people Bloomberg spoke with.
“As announced at our investor day in January, we are executing on the strategy of locating more jobs in high value locations throughout the US, but we have no specific plans to announce at this time,” a Goldman Sachs spokesperson said in a statement to Business Insider.The plans to shift asset management to South Florida may ultimately not materialize, and the firm may go for a different city where it has been growing, like Dallas, according to people Bloomberg spoke with.
A wave of exits from New York and other pricey cities
The coronavirus pandemic has prompted executives in finance and other industry to rethink their commercial real estate footprints. Read more from Business Insider.
Follow News Without Politics for more interesting and relevant, important U.S. and world news stories plus health, entertainment, sports, weather, food, and more without media bias.
Stay informed daily. unbiased news fair and balanced, ahead of influence.
