Wall Street Job Exodus Grows as AllianceBernstein Move Leaks

[trader99]

Makes total sense. Moving non-core functions(finance, legal, and sales and marketing teams) to lower cost areas and keeping core functions (PM, research, trading) in NY. Also, these non-core function employees will enjoy a better quality of life at a lower cost of living in TN too.

https://www.bloomberg.com/news/arti...n-to-move-to-nashville-from-new-york-wsj-says

"
New York’s hold on finance and investing jobs keeps slipping.

AllianceBernstein Holding LP is moving its corporate headquarters and about 1,050 jobs from the city known for Broadway shows to one more famous for country music. The company will begin moving workers to Nashville in 2018, and eventually plans to relocate finance, legal, and sales and marketing teams, among other functions, according to a filing Wednesday. The firm’s portfolio management, sell-side research and trading, and New York-based private wealth management businesses aren’t moving."

 

[zdreg]

the middle class working in the private sector cannot afford to live in new york. under the current communist mayor only the poor and rich can afford to live in nyc. the government pays for the poor and the rich can pay for themselves.

 

[R1234]

NY state will be in a full blown crisis within the next 5 years.

Its tax base is shrinking at an alarming rate. Lot of factors: manufacturing went overseas, automation making humans redundant, companies moving in droves to other states with 50% to 100% lower tax burden and a fraction of the cost of doing business.

Meanwhile public sector pensions+benefits are averaging in the mid to high 6 figures. Only way this can continue is with the lucrative source of revenue that is property taxes. In NY state, property taxes have an annual growth rate of approx 5% per year (exceeds the rate of inflation).