The decline of NYC finance

This NY Times article talks about the rapidly declining importance of finance to the city's private sector. During the boom years, finance contributed to about 10% of jobs added to the city's private sector. Now that figure is less than 1%. In my opinion, this stagnation is not merely cyclical but structural. The shift has certain affected the city's ambience. Before the crisis, the air in NYC was rife with optimism, energy, and bravado. Now the city feels stagnant, an old city gasping for its last breath for relevance while SF, LA, Chicago surpass it. Meanwhile, NYC liberals continue to raise taxes without cutting benefits or actually improving services.

http://www.nytimes.com/2015/02/16/nyregion/with-little-help-from-wall-s…

 

The only thing I agree with you on is in regards to the taxes. And it seriously pains me to agree with you on anything.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
 

Anyone calling NYC "stagnant, an old city gasping for its last breath for relevance" doesn't have much knowledge of the importance of the city as a cultural, civic, and economic force. Someone who claims this is the type to visit NYC, stay at the Times Square Marriott Marquis, not leave midtown, and tell everyone they've "done NYC."

Stick to analyzing how much dropping the "H-bomb" at Boston bars helps you get girls

 

I hear this from NYers.. not as extreme, but they just to seem to be over the New York thing, in part b/c of the taxes, but also the weather.

I think NY is a place that most finance people should spend SOME time in ... But it may not be a greatly deciding factor in being successful.

Its akin to the NBA... you used to have to be in a major market to be a major star... But Kevin Durant and LBJ are selling more shoes than ever, both in relatively smaller markets..

 
handullz:

I hear this from NYers.. not as extreme, but they just to seem to be over the New York thing, in part b/c of the taxes, but also the weather.

I think NY is a place that most finance people should spend SOME time in ... But it may not be a greatly deciding factor in being successful.

Its akin to the NBA... you used to have to be in a major market to be a major star... But Kevin Durant and LBJ are selling more shoes than ever, both in relatively smaller markets..

I'm a NY'ER, and am moving to west coast after bschool...I definitely feel like it has lost it's luster. Hard to dis-entangle that from the fact I'm in my late 20's and over the expensive cocktails and clubs phase of my life though. I'd probably like it again if I was magically 21/22. It just seems like you pay A TON for very little benefit....smaller apartments, bad weather, more expensive everything, no easy access to nature, 2 hour subway/train ride to beach, longer work hours, more stress, etc. I've been in Chicago for the last year or so (in business school), and everyone is SO MUCH friendly and laid back here - and rent is literally half as cheap...with the same access to international food, cocktail bars, cultural activities, etc.

 

OpsDude, once again you NAILED it. You sure we're not brothers separated at birth? Lol.

But yeah to follow up on your point. When I used to live in Chicago, I spent $1500/month ALL INCLUSIVE for a 600 square feet studio apartment in a luxury high rise building in downtown, near the lake. The building featured 24/7 doormen, dry cleaning, 7/11 store, parking garage, internet cafe, full-service gym, yoga studio, tennis court, swimming pool, jacuzzi, and a roof deck with BBQ grills that would always be packed during the summer with people eating, drinking, and partying. INCREDIBLE. In order for me to get such an apartment in a comparable building in NYC, I would need to pay around $3500/month.

Yes, NYC is more diverse and has more food and culture than Chicago, but the difference is not justified by the higher costs. NYC is a true perversion and a monstrosity: you pay so much more but get less in terms of quantity and quality. Sure, if you get a top finance job in NYC out of undergrad, you should take it and suck it out for a few years while building up your resume. But as soon as you are able to, GTFO and move to a superior place such as Chicago, SF, or LA!!!!

Like you, I also want to move to Socal eventually. It's heaven on Earth, and almost every NYC person would rather live there. NYC has massive Cali envy.

 

NYC is still one of the best cities in this world, but with the downsizing of a lot of financial firms, couple with the reurbanization going on across the country, you just have more options. Plus it is just insanely expensive to operate in NYC on the long term.

I still don't get Brady being so down on NYC. The level of culture, food, internationalism and choice is unmatched. I suppose if all you care about is being able to afford bottle service to superficially impress someone the NYC will get old. But it's not too many cities that have the art and culture scene that nyc has. I'm in a secondary city with a lot of history, culture and food and I still get bored.

Different strokes for different folks though.

 

The food, culture, and diversity of NYC are awesome. No doubt about it. Ultimately you have you ask yourself whether it's worth the high taxes, cost of living, awful weather, and low quality of life. It's a subjective judgment call, with no "right" answer. I think for a finance professional. the best time to spend in NYC is post-college, where you can build up your resume by getting big name companies on your resume. Once you have the resume that can get you to any city you want, leaving NYC for a smaller but still solid city is the way to go (i.e., LA/SF/Chicago/Boston).

 

How about Boston?

I know quality of life is probably better than NYC, but isn't it just as expensive? How does it compare to a city like Chicago?

 

Boston is not as nearly as expensive as NYC.

Chicago is cheaper than Boston and even DC but is one of the world's greatest cities. Dollar for dollar, it is the best value amongst any major U.S. city. It's an incredible place. NYC will never come close to it.

 

The "crap" in this thread is substantiated by B school prefs.

Doesn't take a rocket scientist to figure that B schoolers are preferring west coast specifically SF BC of jobs. Tying this "evidence" to the decline of NYC is ridiculous.

If anything, NYC is becoming "better". There hasn't been a time in its history where every borough except for Manhattan is hip.

Is NYC expensive? Yes... Does the weather suck right now? Will you be walking around w/ a boner come April-Oct? Yes and no city can claim that.

Pay to play bitches or take your pansy ass, tech bubbling to the Valley and enjoy sterile Palo or wearing sweaters in July.

 

Finance in general is in decline. The future belongs to tech and those who actually build stuff of value.

Also lol@your boner comment. NYC has some hotties for sure, but it comes nowhere close to LA, Dallas, Chicago, Miami, not to mention a host of European and South American cities. NYC is overrated in every category except food.

 

Chicago winters are worse than NYC, but its summer is significantly better. It's not that humid because of the lake effect. Chicago summertime is an absolute blast; there are no words to convey how awesome it is.

 
mbavsmfin:
Before the crisis, the air in NYC was rife with optimism, energy, and bravado. Now the city feels stagnant, an old city gasping for its last breath for relevance while SF, LA, Chicago surpass it.

...what?

Commercial Real Estate Developer
 

100% sure OP lived in NYC at some point and failed to get laid. People like you shrink here. You're so insecure, seriously. NYC is vibrant. Unique. What more can you ask for as a 20-year old dude? Plenty of horny chicks. Amazing job opportunities. Great food. Awesome sports. Great night life. Is it expensive? Yes. Is it worth it? You damn right it is.

Live a little...

 
Best Response

NYC can blow, sure, but you make it sound like it's some dilapidated town from a dystopian horror novel. As a city, it's perfectly fine for both dating and professional advancement, especially for young, commitment-phobic prestige whores. Banking as an entire industry is experiencing cuts, so the decline that you mention is occurring In other cities as well. As for dating? There are plenty of girls from a wide range of backgrounds and mental health states for you guys to cycle through, from 13-year-old Ukranian models to irate Jewish girls whose biological clocks are audibly ticking.

What's with your obsession with Chicago, anyway? Chicago's filled with flabby morons whose life goals include getting married at 23 and having perfectly highlighted hair. Miami's basically the same, except that the morons are skinny and toned, and "getting married" should be replaced by "having a rapper's kid". SF and Boston are filled with girls who are either plain or unfortunate looking whose sole redeeming qualities are that they went to Stanford/Harvard/MIT. LA probably has the hottest girls, but those gems are arguably the most illiterate, inconsiderate, illogical beings you will ever encounter. And, yes, this takes into consideration the fact that you may one day interact with a mentally retarded, hearing impaired tree sloth with jealousy problems and anger management issues.

So, yea, NYC can suck, but all of those other cities suck too.

P.S. —if you're going to complain about there being no girls in NYC, please magically morph into a desirable male citizen so we can stop complaining too. Regards.

 

I gave you a SB even though your post was a critique of mine. Your writing style and wit deserve commendation.

As for Chicago, I used to live there and having spent time in numerous other major cities, I think it's the best combination of urban life, amenities, affordable cost of living, and high quality of life. Yeah the people there get married younger than in NYC, but your characterization of the city is pretty off the mark.

My main complaint with NYC is not the people and certainly not the caliber of girls (although I think Chicago and LA do have hotter girls, but this can be attributed to different tastes). My core critique is of NYC's outrageous taxes and cost of living without delivering superior services and amenities. I agree with you that NYC is great for talented ambitious post-college kids since it allows you build up a network and a great resume. But if you are able to live in any major city with a great job, the argument for NYC is significantly weaker.

 

Brady you sounds like you work for the Chicago Tourism Bureau for god's sake.

The reason people in east coast cities (Boston, NYC, Phila, DC) don't stay in the city on the summer weekends is because we have great nearby shore points. It doesn't mean the cities are some sort of hell on earth in the summer, it's just nice to hit the beaches during the summer. People in the midwest don't have that same luxury (I know they have lakes but that's def not the same at all).

 

I don't necessarily disagree with you but will say NYC/Philly is by far more terrible than Boston/DC during the summer so wouldn't lump all those together when describing how summers are. I would say NYC in particular is pretty hell-ish in the summer.

A case can be made for LA that you have great nearby shore points all year which I would prefer having over great nearby shore points just for one season.

No comment on Chicago/Midwest as I don't have experience living there.

 
adapt or die:

Brady you sounds like you work for the Chicago Tourism Bureau for god's sake.

The reason people in east coast cities (Boston, NYC, Phila, DC) don't stay in the city on the summer weekends is because we have great nearby shore points. It doesn't mean the cities are some sort of hell on earth in the summer, it's just nice to hit the beaches during the summer. People in the midwest don't have that same luxury (I know they have lakes but that's def not the same at all).

I have a rooftop pool. Driving hours to the shore is for poor people. Or people much richer than me who have beach houses :(((

 

I just wonder if everything Brady writes is the opposite of reality. He's so relentless about certain things that it's difficult to believe that anyone would hold those opinions so tenaciously.

What if....

Instead of living in and loving Chicago.....he's actually in New York?

Instead of being an Asian who rants against the unfairness of affirmative action....he's actually black?

Instead of over praising Booth and shitting on Columbia at every opportunity....he actually goes to/went to CBS?

Instead of being a former trader.....he used to work in ops?

You just never know. Keep up the good work Brady.

 
DickFuld:

I just wonder if everything Brady writes is the opposite of reality. He's so relentless about certain things that it's difficult to believe that anyone would hold those opinions so tenaciously.

What if....

Instead of living in and loving Chicago.....he's actually in New York?

Instead of being an Asian who rants against the unfairness of affirmative action....he's actually black?

Instead of over praising Booth and shitting on Columbia at every opportunity....he actually goes to/went to CBS?

Instead of being a former trader.....he used to work in ops?

You just never know. Keep up the good work Brady.

I'd put my bonus on that he lives in NYC...
 
DickFuld:

I just wonder if everything Brady writes is the opposite of reality. He's so relentless about certain things that it's difficult to believe that anyone would hold those opinions so tenaciously.

What if....

Instead of living in and loving Chicago.....he's actually in New York?

Instead of being an Asian who rants against the unfairness of affirmative action....he's actually black?

Instead of over praising Booth and shitting on Columbia at every opportunity....he actually goes to/went to CBS?

Instead of being a former trader.....he used to work in ops?

You just never know. Keep up the good work Brady.

There are probably quite a few people on here that wouldn't disagree with your "theory" based on their PM's with him

 

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