Even the finance world can’t handle the high cost of living in New York.
While the Big Apple remains the top city for financial professionals, Wall Street has lost more than 25,000 jobs in the last five years, ValueWalk reports. Many private sector employers are looking for cheaper and more business-friendly cities. Finance contributes more than a fifth of the economic output of New York City, more than twice the next biggest industry, and employs about 9% of the city’s private sector jobs, but a whopping third of the private sector payroll.
Most of the jobs lost in New York were the mid-level jobs, and they’re expected to continue to disappear in the next five years. Technology and relocation are driving employees to cheaper U.S. cities, as well as places like India and Argentina. Financial services as a whole reported both contraction and expansion in their New York City offices, but banks expressed the biggest losses. In contrast, private equity only saw expansion.
Photos: Sue Waters via Flickr.