I was just checking out the distance between JPM and GS IBanking offices in New York, and they are a 30 minute bus ride away from each other! I am from a small city where all major banks are within a 10 minute walking distance from each other so I was curious, why are Ibanks so spread apart in NYC?
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In reality they aren't, for the most part, as all the EBs and most of the BBs are in midtown. But there is a lot of competition in the city to attract lessees and builders. The GS office is specifically where it is because the battery park city authority gave them huge tax breaks to build in the battery park part of manhattan. It also helps them with their jersey office complex build. Citi is down there, as well, but that was because they got a great deal from the landlord that made it too good to pass up when they moved from Park avenue. DB and CS are further downtown, too. Every other BB/EB/MM is in midtown.
Also, if you are going directly from GS to JPM, take the E from world trade center to 53rd and Lex. Don't take a bus.
Thanks for the insight! So most banks in midtown are walking distance of each other?
Go on google maps and take a look. Keep in mind how dense traffic (both vehicle and pedestrian) is on an average day.
I laughed at measuring distances in manhattan via a bus route, yeah its typically subway but during the summer its best to avoid it if possible. midtown is nice because often times you can walk to different firms if needed.
9/11 also has a lot to do with this. I know Bear Stearns Lehman Brothers, and Morgan Stanley all did. MS was the largest tenant in the WTC. GS and others haveNJ offices in order to stay functioning if anything like that ever happens again. Cantor Fitzgerald obviously got the hell out of downtown Manhattan too.
they're pretty much all in Midtown or FiDi.
If you didn't realize already (it's old news), the only bank left on Wall St is Deutsche Bank.
You plan to work for both concurrently?
They're in NYC - the centre of the world.
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