According to Charles Gasparino writing for the NY Post, Jamie Dimon, CEO of JPMorgan, is considering moving huge chunks of the company out of New York City for business-friendlier territory.
Spiraling costs and a feckless political class runs New York City and state. They’re ruining it.
Goldman Sachs, known for its Democratic-leaning and virtue-signaling leadership, Gasparino writes, is now looking to move a chunk of its workforce to some of the reddest states in the nation, including Texas and Florida.
Brokers at several big firms are also heading south.
Banks are finding smart people in these states too. And they find the quality of life is good without the crime-ridden streets of Manhattan.
[Then they will vote for Democrats and ruin those cities and states as well.]
Dimon vetoed a plan several years back to move a swath of the bank to South Florida because he didn’t think the schools were good enough. Now he appears to have changed his mind and is considering plenty of relocations outside New York City.
The out-of-state migration to cut costs will continue even with a vaccine because it’s simply too expensive to be in Manhattan, and the banks have lost faith in the ruling political class to protect their employees and provide their kids with a quality education.
MAYORAL CANDIDATES WON’T IMPROVE THE SITUATION
As Gasparino says, that means tax revenues will plummet and budgets in the city and surrounding areas will get worse, not to mention the massively underfunded pension plans for municipal workers.
[The New York City and state debt are so high, they can’t pay it. As for the crime, no Rudy Giuliani is waiting to take care of the problem. New York is now a socialist city and state with bad policies and no hope of change.]
A few of the candidates for mayor are Wall Street types. They include former Citigroup banker Ray McGuire; Shaun Donovan, a housing official during the Bloomberg years and in the Obama administration; and to a lesser extent former Dem presidential contender Andrew Yang.
[Ugh. At least they are business savvy, however.]
Yang is now telling people he’s moving toward assembling a campaign staff and has turned down a Biden administration role because he is highly likely to run.
[Yang is a leftist nut.]
As bad as they are, they will be up against awful but seasoned Democratic pols in City Comptroller Scott Stringer and Brooklyn Borough President Eric Adams with strong ties to the powerful city municipal unions.