According to the NY Times New York’s biggest investment
houses are shifting jobs out of the area and expanding in cheaper locales in
the United States, threatening the vast middle tier of positions that form the
backbone of employment on Wall Street. The
shift comes even as banks consider deeper staff cuts here, which could
undermine the state and city tax base long term.
“Places like New York or London will remain financial
centers, but most of the players are taking a much harder look and asking whether
they can move large numbers of jobs,” said James Malick, a partner at the
Boston Consulting Group who advises banks on relocation. In addition to higher
taxes in the New York region, employers face real estate and labor costs
significantly above the national average….
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