If you can make it here, you can apparently make it anywhere.
At least that appears to be Wall Street’s attitude, as Crains New York Business reports that New York City’s share of jobs in the securities industry has now hit an all-time low, accounting for less than 19% of the total market, according to the latest data from the Labor Department. This is well below where it was two decades ago when 30% of the jobs in the securities industry were located in the Big Apple, Crains notes.
So where are all the jobs going now? They are going to lesser cities.
Crains reports that in an effort to cut costs, Wall Street is shipping jobs to places like Jacksonville, Fla. (where Deutsche Bank is adding 300 jobs and Citigroup is boosting its headcount by 20% to 800 employees) and Salt Lake City, Utah (where Goldman Sachs now has 2000 employees since opening up an office in 2000). We’re sure these are both lovely cities in their own right, but are they New York City?
No, they are not New York City.
Anyway, Crains notes that the securities industry is actually downsizing not just in New York, but pretty much across the board. Citi has eliminated 8% of its staff in the past 12 months (19,000 people), while Goldman Sachs has cut 5% and Morgan Stanley 2%.
However, there is a chance that London’s pain could soon be New York’s gain: Once the U.K. exits the European Union, bankers could flee London for the less-volatile confines of New York, according to Crains.
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