Florida is a swampy, hurricane laden, humid, rainy horrible climate that and Miami is literally sinking into the ocean. This isn't even touching on the other laundry lists of reasons that is Florida, well, Florida...
Sure I get it, you wanna move WS out of NYC, whatever floats your boat...but Miami/Florida...come on....
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Wall Street won't move to Miami lol. Core IB activities will stay in NYC no matter what. Some banks say they're "open" to it as a warning to De Blasio and his communist friends
Yeah, I’m not so sure they’re going to heed those warnings lol...they genuinely don’t care
Access to human capital is another thing that nobody seems to be mentioning. NYC is within driving range of the entire Ivy League and hundreds of other colleges. You don’t have close access to that many undergraduates in Florida. You also don’t have close access to the thousands of other finance professionals currently employed in NYC. The first bank to move their headquarters to Florida would be shooting themself in the foot, because all the talent is still concentrated in NYC.
Now granted, this could change because of remote work, but as it stands the human capital pool in NYC is far too valuable for financial firms to give up (and especially not for Florida). Notice that the tech firms leaving Silicon Valley are moving to places where there’s equally a large supply of educated technology professionals (e.g. Austin). Florida does not meet that standard.
100%. Also, the super majority of buyside clients, law firms, corporate HQs...its an ecosystem.
Plus all those tards that think NYC problems will stay in NYC...newsflash: if thousands start migrating Florida, you're going to end up with the same problems that you tried to get away from. Texas is starting to know what I'm talking about.
Right? Like are Miami, UF, or FSU gonna become targets soon or what? You'd think they'll be the new ivies with that amount of energy in the thread.
Rather the heat than the cold tbh
MiAmi iS LiTeRaLlY SiNkiNg iNtO tHe OcEaN!!!!1111!
I'd rather have pouring rain and warm weather than my balls getting frostbite in October.
Wall Beach > Wall Street
People would rather face hurricanes than live another day under the libs.
Really makes you think.
Miami is the new front office. Best city in America.
Feels odd that everyone has jumped on the Florida bandwagon vs Texas... I feel like Texas has a much more established presence in the financial industry today than Florida does (and in neither case do I think NYC is going away)
I think you are arguing against nobody is really thinking. Wall Street is not gonna pack and move to Florida, under any realistic scenario anytime soon. To me when banks talk about “open to moving to Florida” that means accommodating bankers who want to relocate to Florida (or are already there due to COVID). To me the likely path for that is: (1) banks let bankers continue to work from their summer houses in Florida in 2021, (2) may even open an office in 2022, (3) allow people to transfer to the Florida office while continue to work on the same deals/clients, (4) may even hire some juniors into the Florida office to support the seniors (or give the option to existing ANL/ASO to relocate), (5) wouldn’t be surprised if many of the Latam teams move to Florida depending on random stuff like whether the 1-2 seniors that matter in the team feel like moving their families to Florida, (6) no, Florida is not gonna “become NY” in terms of culture, taxes or ideology - those changes take years/decades, and having an influx of a couple of hundred bankers won’t move the needle in the short term, (7) NY will continue being headquarters, and Florida will be home for some middle office and some front office bankers who wanted to move
Wow guy, very serious. It was a tongue in cheek joke...thanks for laying out the 7 pillars though. Also, if you read it...it was less about leaving NYC...and more about the destination.
Ha, ok. I loved the seven pillars. Will make it a book. Tbh, it was a rant vs other comments (here and somewhere else), less so about your post.
this is 100% accurate except #5, LATAM teams cant be moved to the USA, they would need to dramatically increase their salaries.
There are a bunch of LatAm coverage teams sitting in NYC right now that could be good candidates to move to Miami. Closer to clients, etc.
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