Wall Street moving to Miami would be great

Not as overpriced rent, no cold weather, hotter girls, instead of your competition being elitist old money douchebags, your competition is now uneducated jacked douchebags. Beaches, crazy nightlife, strip clubs, cocaine, scarface, no fuckwad mayor, lower taxes. This could be the best thing to happen to finance since the 90s.

Mod Note - See two related threads:

There is an 80+ Person Thread on Moving WS to Miami, Lol

JPM now "open to relocating to Miami"

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  • Intern in S&T - FI
Dec 22, 2020 - 9:06pm

Miami thots are something else. People talk about Florida Man so much that they forget Florida Woman is also a fucking thing. Only quality chicks in Miami are the tourists.

  • Analyst 2 in IB - Ind
Dec 20, 2020 - 7:07pm

The day it happens is the day I quit finance. It's something nice to joke/fantasize about, just like owning multiple private jets.

Good thing is the day probably will never come.

  • Analyst 1 in IB - Gen
Dec 20, 2020 - 7:38pm

I don't think it'll ever come to the point where Miami is the finance capital of the US, but I could see more and more firms having a presence making it a decent place to have a career 

Dec 20, 2020 - 8:02pm

I would agree with you.

The core infrastructure for Wall St. is likely to always stay in NYC, but there's plenty aspects of finance that can easily make the move down and hardly impact anything.

Fun fact - it is in the state constitution to NOT have a state income tax. It would literally require a constitutional amendment, which would be DOA if anyone were to breathe a word of it in our state legislature. That's highly unlikely, bc FL House and Senate are Republican.

  • 2
Most Helpful
Dec 20, 2020 - 7:59pm

Sign me the fuck up for Wall St in Texas or Miami. New York keeps getting worse and worse. Overpriced as hell, dumbass mayor, outrageous taxes, cold af in winter, trash everywhere, fashion hypebeasts and SJWs a plenty, etc. I personally don't see the allure of nyc. My job is here, that's about it. It also has restaurants, nightlife, and some iconic landmarks, but guess what? So does Miami. And at least if I am there I can park my ass on the beach during the weekend. I understand that people don't like change, but this is one I am 100% behind

Dec 20, 2020 - 8:07pm

You sound retarded. 

If Miami becomes the next finance capital of the US/world, what makes you think that Miami won't turn into the next NYC? And then NYC would be the new Miami. 

Look at Phoenix. Used to be red as blood. Then companies started moving operations/employees to the area several years ago (who brought their blue mentality with them) and now taxes have started to go up. That's just the start. 

Dec 20, 2020 - 8:20pm

Well even if that does happen, I don't really care because Florida is currently a swing state that has a favorable tax code for high earners. Policies like that take time to change so living there would be beneficial from a financial standpoint for a while anyway. I personally like warm weather, and Miami is warm all year long. If it gets shitty like New York from a social perspective, fuck it - I'll move again. Doesn't really bother me

Dec 20, 2020 - 8:57pm

Our education system has produced people  that have the intellect of sheep. I cannot understand how one literally flees the blue nightmare only to continue voting blue at the local level.

Array

  • 12
Feb 10, 2021 - 1:16pm

I am a NY native and agree with you. NYC lost its glory when all the Cali cry babies moved here in droves. I worked from home in Miami for 3 months and it was amazing. Great to hit the beach at night after work and just have a nice cigar and a drink. It was very relaxing and kept me sane for sure. I don't think it will be a whole move where WS will be headquartered in Miami but I can see a lot of secondary offices opening up for staff who want that preference. Moelis was said to be considering offices in low tax jurisdictions. I have also heard from friends that their boutiques are thinking of opening offices in Miami due to staff demands. Realistically Miami is a great location for young bankers with money to spend. I get the worry about taxes rising due to all the dems moving there but as someone mentioned State income tax is part of the constitution so it's not easily changed. Also don't forget there are plenty of ppl with money in Miami already that you can call elitists from outside the US. 

Dec 21, 2020 - 9:35am

Bigstonks

Sign me the fuck up for Wall St in Texas or Miami. New York keeps getting worse and worse. Overpriced as hell, dumbass mayor, outrageous taxes, cold af in winter, trash everywhere, fashion hypebeasts and SJWs a plenty, etc. I personally don't see the allure of nyc. My job is here, that's about it. It also has restaurants, nightlife, and some iconic landmarks, but guess what? So does Miami. And at least if I am there I can park my ass on the beach during the weekend. I understand that people don't like change, but this is one I am 100% behind

There is a difference between working in NYC and living in NYC.  Some people like to live in the city but many people choose to live in the burbs near the city. I have never lived in Manhattan but I have worked there.  Prior to the pandemic, the main reason I would not want to live there is the density of the population.  Rush hour in NYC is a crazy experience.  Getting from the 50s to Penn at rush hour is just not something I would want to do on a regular basis.  

Miami has its positives but one issue is that the school system is not very good and this will make a lot of people hesitant to move there. 

http://www.series65examtutor.com
Dec 21, 2020 - 9:55am

financeabc

Bigstonks

Sign me the fuck up for Wall St in Texas or Miami. New York keeps getting worse and worse. Overpriced as hell, dumbass mayor, outrageous taxes, cold af in winter, trash everywhere, fashion hypebeasts and SJWs a plenty, etc. I personally don't see the allure of nyc. My job is here, that's about it. It also has restaurants, nightlife, and some iconic landmarks, but guess what? So does Miami. And at least if I am there I can park my ass on the beach during the weekend. I understand that people don't like change, but this is one I am 100% behind

- expand -

There is a difference between working in NYC and living in NYC.  Some people like to live in the city but many people choose to live in the burbs near the city. I have never lived in Manhattan but I have worked there.  Prior to the pandemic, the main reason I would not want to live there is the density of the population.  Rush hour in NYC is a crazy experience.  Getting from the 50s to Penn at rush hour is just not something I would want to do on a regular basis.  

Miami has its positives but one issue is that the school system is not very good and this will make a lot of people hesitant to move there. 

Just do what all wealthy do and buy a better one, see: private schools, medicine, neighborhood, etc.

If the glove don't fit, you must acquit!
  • NA in IB-M&A
Dec 20, 2020 - 8:24pm

Blah blah blah all I hear is a bunch of anecdotal evidence from your one shitty spring break trip in college. You can stay in nyc and enjoy freezing your balls off on the subway while I'm chillin on ocean ave drinking margarYEETas in the sun

  • Analyst 1 in IB - Gen
Dec 20, 2020 - 8:25pm

my entire perception of Miami is from movies and things I've seen online. It being conservative makes it seem even more appealing to me now. regarding the intelligence of the people there, all I know is the Joe Rogan joke of "if you want to lose money, open a book store in Miami FL"

  • Analyst 2 in IB-M&A
Dec 20, 2020 - 8:59pm

Lol this is cap. I worked in IB in SoFlo. What you said about traffic is absolutely true but that's assuming you don't just find an apartment near your office and live within walking distance. Driving on the weekends to do stuff isn't fun but is bearable.

This bullshit about girls NOT being promiscuous down there is hilarious, though. Have you ever been to Miami? Same with real estate - a quick Zillow scrub will prove that you can get a sick apartment from $2K-$3K.

Dec 20, 2020 - 9:06pm

Could not agree more. Miami is literally thot central. Things are concentrated so you can live somewhere with things to do and not have to drive a ton, but getting from Brickell to SoBe or Wynnwood or Key Biscayne is a drive. This dude was there once for a week and is going to try and provide serious commentary lmao. Could not be more wrong. There are literally resorts with residences that you can live in for under 3k. Yes a condo on the beach with numerous bars, pools, gyms, spas, etc IN YOUR BUILDING.

  • Analyst 1 in S&T - Equities
Dec 21, 2020 - 12:58pm

Sorry for the ignorance, but what is the IBD scene like down there. Which firms/groups are decent. Don't care about league tables and stuff, just overall life etc

Dec 20, 2020 - 11:15pm

I went to U Miami for undergrad. The perfect word to describe Miami is transient. The type of person you would be socializing with in Miami is different than most people you've ever met. It's almost uncomfortable, like a lights on no one is home (non-self aware) type-demeanor. It's a really weird, surface level place and I would not want to raise a family there.

  • Analyst 1 in IB - Gen
Dec 21, 2020 - 12:22am

Do you not know what Miami is known for? Shallow city with very few motivated people that care about being successful, wealthy latinos that do not like non latino people and everyone cruises with a lack of intensity to get shit done. The whole city just parties and lives in a disconnected bubble from the rest of the country. 

Dec 22, 2020 - 3:33pm

A majority of the people I conversed with were just a little ..off. Like a couple of screws loose or their brains were not fully functioning. I don't mean that they were stupid, just eyes glassed over like in the movie Get Out. People would also happily sign off on destroying somebody else's life it it meant enriching their own by 0.0001% more. The city is morally bankrupt and I was routinely appalled at the things I saw. 

Dec 22, 2020 - 3:36pm

Yeah, in New York you can find so many more places to just "get away" from it all if you really want to, if that makes sense. You cant escape "it" in Miami. Also EDM is very popular so if you're not into that scene, it can get annoying when you're out.

  • Analyst 1 in IB - Ind
Dec 21, 2020 - 1:16am

I've lived the majority of my life in Miami, am Hispanic, lived here from 10 to 22. Typically disagree with yankees because they think they know it all since they came down for a weekend for their 'buddy's birthday', but the reality is the following:

1. Most shallow women on earth, don't even try to establish a relationship; 80% of the downtown women have more bodies on them than a moratorium.

2. Most of you guys don't speak Spanish so that will be a big struggle to get around, if you try to get around; I'm assuming most of you guys will just hang around Brickell and the general business-y areas, wherein English will do you just fine. 

P.S. ignore ANY comment from anyone who went to UM trying to tell you about the city, they'll give you the most sheltered view on the planet; in other words, Miami is NOT Coconut Grove, Brickell and Miami Beach, it is much more than that. The rich kid New Jersey view is negatively warped and will make the city look much better than it truly is, I mean this seriously, Marissa who spent her 4 years at UM moving from SoulCycle to Komodo to Starbucks and back to SoulCycle has no idea what they are talking about when they say Miami is quirky and awesome(!)

3. Traffic is infernal; highly suggest you live close to where you work if you wanna not have a car. But be warned you WILL have to get a car. It is practically IMPOSSIBLE to be in Miami and NOT have a car.

4. That being said, car game is crazy. A Maserati gets no looks (in before some guy tells me that Maserati's are shit cars; yes, they are, but they are still expensive)

5. Socially speaking, as long as you make over $100k you're a 8+ to the girls, it is the most superficial city in the South but what will you do?

Let me know if you need any more info, I'll happily divulge, hopefully someone can vouch for me.

  • Prospect in S&T - Other
Dec 21, 2020 - 1:54am

Oh my god this is 1000% true^^. Currently an undergrad at U Miami. First 1-2 years in Miami is an absolute shocker, the nightlife/clubs/women/money/beaches/etc. blew me outta my socks, especially having gone to a rural HS in the South. It's definitely fun no doubt, but after a while you start to realize how shallow and fake people can be. Mark Hanna from WOWS says it best.... It's all just a Fugazi

 A lot of people on this website suck off Miami because of what they see on social media. To no fault of their own. But beyond the big booty Instagram filters on South Beach and Snapchats of 77 degree weather, a lot of people down here are very superficial. Those "hot" girls' only personality trait is their IG follower count. If you don't speak Spanish you're seen as a gringo foreigner, and can get treated very condescendingly. Your "wealth" is just a droplet in the sea of rappers, influencers, and entrepreneurs, and there's always an exotic R8 or Benz SLS next to you at the traffic light making you look like a twat in your 5-series. Sure there's good nightlife, but for every one memorable night you'll have 5-10 nights of overcrowded venues and overpriced $25 shots and $35 vodka sodas. Not really the best place to save for long-term financial success, and focus on yourself, when there's all this external noise. 

TL;DR can be a fun city for two or three years in your 20s, your IG/Snap followers will for sure envy you. But if you enjoy intellectual and deep conversations, or have a wholesome lifestyle, or are a bit introverted, or you don't worship social media..... You might have a tough time enjoying it here 

  • Associate 2 in PE - LBOs
Dec 23, 2020 - 2:55pm

I currently live in Miami, but grew up elsewhere. This is all really accurate.

The biggest shock was just how big a challenge it can be if you don't speak Spanish. I'd say the vast majority of locals do not speak English as their primary language, and many don't even know it. 

Traffic is horrific, highly recommend living close to where you work.

Being by the water is great, but find a hobby. Kiteboarding, fishing, golfing, etc. Clubbing will get old.

For those that say it's a city for your 20's - there are some nice, actual neighborhoods to settle down. Pinecrest, Gables & Key Biscayne are where the majority of older people at my firm live. Also a few people are out on the beach (north).

  • Analyst 1 in IB - Gen
Dec 21, 2020 - 10:42am

I was just making a joke about what I think the stereotype of a Miami douchebag is, as I did with the NYC elitist old money douchebag. Nothing personal 

Dec 21, 2020 - 4:12am

Gringo pendejo tiene miedo del hombre latino

Never discuss with idiots, first they drag you at their level, then they beat you with experience.

  • 4
Dec 21, 2020 - 9:52am

Ha nice op, but weren't some banks talking about south Florida metro area in general? If so you'd need to evaluate area from palm beach to Miami. 

Array
  • Analyst 1 in IB - Gen
Dec 21, 2020 - 11:33am

Lived in Miami my whole life. 22 and heading to an EB for FT. Imo Miami is a shithole and I would not want to live here. I have done everything you can do here and will tell you that everyone is on point about the people here, it is very superficial, very ignorant (due to huge hispanic population, fyi I'm hispanic) and not the place you would want to live in long term. Anyone with half a brain cell that grew up here wants to move out somewhere else lol. Weather here sucks. It's hot and humid YEAR-ROUND. Not dry heat, that heat that will feel like it's sticking to your skin and leave you with swamp ass every time you leave your house lol. I would be all for a move to Texas if shit really hit the fan for NY but would not see myself moving back here to Miami.

Dec 21, 2020 - 1:48pm

Lived in Miami my whole life. 22 and heading to an EB for FT. Imo Miami is a shithole and I would not want to live here. I have done everything you can do here and will tell you that everyone is on point about the people here, it is very superficial, very ignorant (due to huge hispanic population, fyi I'm hispanic) and not the place you would want to live in long term. Anyone with half a brain cell that grew up here wants to move out somewhere else lol. Weather here sucks. It's hot and humid YEAR-ROUND. Not dry heat, that heat that will feel like it's sticking to your skin and leave you with swamp ass every time you leave your house lol. I would be all for a move to Texas if shit really hit the fan for NY but would not see myself moving back here to Miami.

I think people here see Miami as a fun place to live, and it probably is for a short period of time. When I was in Miami, I stayed at an upscale hotel and everyone was drinking alcohol in the pool.    I know you mentioned being Hispanic but I am sure there are other reasons the population in Miami might be ignorant.  I was in Miami a couple of years ago in September and wow the weather was rough.  Must be a great place to be in the winter, though.  

http://www.series65examtutor.com
  • Analyst 1 in IB - Gen
Dec 21, 2020 - 2:53pm

Yeah for a short amount of time as in a few months max. Like a vacation essentially lol. This city grows old fast. It just doesn't compare to a city like NY which is packed with so much culture and history imo

Dec 21, 2020 - 11:47am

Actually living in a city vs. going to a city for a one-weekend vacation with your homies in Sigma Apple Pie over spring break makes a huuuuge difference.

Walk along South Beach or go stumble into an nightclub on Ocean Drive. Ask everyone where they're from. They're all tourists, and that's not a coincidence lmao

Dec 21, 2020 - 12:15pm

Do you know any bankers at your firms that are based in Florida or considering?

I'd tend to think that if banks have some minimum critical mass of people in Florida (say 10 bankers? 20?) it makes sense for them to rent some office space in Brickell and have people travel to NYC as needed. Otherwise, if it's just 2-3 senior bankers on their way out living in Florida for tax reasons I don't think it will work.

Dec 21, 2020 - 1:04pm

Doesn't Miami have a higher violent crime rate than NYC? Not sure but definitely thought so.

Dayman?
  • 1
Dec 21, 2020 - 2:02pm

Has anyone that is advocating for this ever spent time there? It's fucking terrible. I can attest the comments from people who grew up there are accurate.

Dec 22, 2020 - 3:45pm

I haven't lived in Miami, so maybe it's "grass is greener", but I find east coast obsession with ivy and employer brands just as superficial but less interesting. i.e. much more fun for me to see a good looking person than hear about one's degree collection. 
 

  • Principal in HF - EquityHedge
Dec 21, 2020 - 2:51pm

I'm sold on all of the above except the girls.
As someone famous once said on twitter, "genetic branch dead, grandfather cry"

Dec 21, 2020 - 3:05pm

Everyone here is talking about Miami - in reality, the moves are being made to south Florida as a whole, which includes a more then Miami city limits. Fort Lauderdale, the Palm Beaches, etc. I lived in Fort Lauderdale and can tell you it's a whole different ball game than Miami beach.

There are plenty of nice suburbs a little inland within driving distance of city centers. There are great private schools that are straight feeders into Ivies. Startup culture is taking root in areas like Wynwood and spreading rapidly (calling it now, Little Haiti will gentrified af this decade), I wouldn't be surprised to see more tech moving here given the stream we're seeing coming of Cali and Florida's low tax environment.

Really hoping we'll see more and more finance head down there. I don't think IB is headed there anytime soon, but we're seeing buyside firms and some bank divisions heading there, and why not? NY, same as Cali, has blue leaders who don't give a damn about providing a good environment for business and mid/upper class people.

Dec 21, 2020 - 4:55pm

Except you'd end up with overpriced rent and old money douchebags in about 3 years as the market adjusts.  The weather is better.  The women certainly aren't hotter.  So really all you're doing is moving Wall Street from the cultural capital of the country in order to get a nicer winter and a more hellish summer.  Not sure how much time you've spent in Miami in August, but if you think New York is hot and humid you've got another thing coming.

Dec 21, 2020 - 9:33pm

women have gotta be hotter. and beaches

Why do they "have" to be hotter?  What possible reason could you have to think that?  New York is a center of fashion and art and theater and (surprisingly) film - all the kinds of things that draw beautiful people to a location.  Miami has... what?

And I'll take the beaches in the Hamptons over the beaches in Miami, any day.

  • Intern in IB - DCM
Dec 21, 2020 - 4:58pm

If Wall Street is truly going to beef up its FL presence, I think Tampa is a better option. Sure it's a lot smaller but its growing rapidly (Water Street project). Rent is way cheaper than Miami too. Weather is better in the sense that it cools down to a degree in the winter. Better area for 20 and 30 year olds as compared to Jacksonville, West Palm and Orlando. Also don't have to speak Spanish which is nice. 

  • Intern in IB - Gen
Dec 30, 2020 - 6:51pm

worked my whole life to get out of Jacksonville... it's a Tier 3 city, which means it's better than 90% of places in the USA, but can't even breath in the same room as NYC Miami etc

Dec 21, 2020 - 5:00pm

Feels more like what's gonna happen is similar to when a bunch of buyside firms moved to Greenwich/Fairfield(also for taxes at the time). The fact is that, we can say whatever we want about prestige or pay or whatever, but the finance industry revolves around the bulge bracket banks and the exchanges. Every trade - whether it's a pork belly future or the takeover offer for a F100 company goes through the banks. JPM is currently rebuilding in NYC, GS just finished their building a few years back, Barclays owns the old Lehman building (actually was a line item in the bankruptcy), I THINK MS owns their building, npt to mention all the servers and, more importantly, the internet cabling for the various exchanges, etc, etc.

Basically, we're gonna see some "large" asset managers (as in AUM, employees rarely above 1000) decamp to suburban offices outside Miami or even in Miami, but the finance industry will stay. There's too much infrastructure here to pack it all up and move. It also feels like they are trying to use the Robert Kraft strategy of threatening to move and then exacting concessions (and then getting handjobs in FL).

Array

  • 1
Dec 22, 2020 - 12:18am

¡I've recently moved to Miami for a job!

¡Buenísimo!

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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