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Citing Florida’s economic policies and living standards, Wall Street executives are requesting transfers from New York to Florida.
Many analysts state that bankers’ desire to move out of New York is creating a headache for recruiters as investment firms attempt to reopen their offices.
Fox Business reports:
Job headhunters say banks such as JPMorgan and Goldman Sachs have what is being described as a waiting list of executives looking to move to the Sunshine State primarily because of its lower cost of living, but also because of other quality of life issues including a lower crime rate. Manhattan, where both firms are located, is dealing with a spike in crime and homelessness. Under Mayor Bill de Blasio crime statistics have risen in most categories with the New York Police Department reporting a 39.6% rise in grand larceny thefts last week for the four weeks ending June 6.
“The JP Morgan recruiter from Florida just told me he’s getting so much demand from employees in the northeast to move to Florida they’re not even considering external candidates for those jobs,” one financial services executive told Fox Business. “I hear the same thing is happening at Goldman and elsewhere.”
Since COVID-19 and the lockdown-induced recession, several top Wall Street firms began eyeing a transition to Florida. For instance, Goldman Sachs is considering the establishment of an office in Miami for its asset management operations.
Florida is one of only a few states in the nation with an economy that exceeds its pre-COVID size. Indeed, Gov. Ron DeSantis (R-FL) was among the first governors to rescind his state’s COVID-19 lockdowns; in August, DeSantis stated that “we will never do any of these lockdowns again, and I hear people say they’ll shut down the country, and honestly, I cringe.”
In contrast, New York is experiencing the slowest economic recovery in the United States. Likewise, New York City’s murder rate jumped by 39% as it rerouted $1 billion away from the New York City Police Department last year.
During a recent interview with Sean Hannity, DeSantis contrasted New York’s COVID-19 restrictions with Florida’s strategy of rapid reopening.
“I think they embrace failed policy, Sean, which last March and April, okay, a lot of this is a new thing. But man, the data came in by the end of April, and they should have reversed course, they didn’t,” he said of governors who refused to lift lockdown orders. “We’ve had schools in person, as you’ve said, we had a successful school year, it’s coming to a conclusion over the next couple of weeks. And we’re proud of that. But just think of all the millions of kids who were locked out of school for over a year in places like California, that is going to have ramifications for our society for years and years.”
“And I can’t tell you, Sean, every time I go out, someone will come up to me and say thank you for keeping us open, you saved my job, or you saved my business,” DeSantis continued. “And we know if we were in other states like California and New York, I know my job would be gone or I know my business would be gone. So we’re proud of the success that we’ve had.”