As big Wall Street firms face difficulties convincing employees to return to the office in a post-COVID-19 environment, they are facing yet another headache from within their ranks: Growing demands to relocate out of New York to Florida.
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 demands from employees to escape from New York is just the latest twist in the big banks’ efforts to return to workplace normalcy as COVID cases decline. It also coincides with another major trend as banks, hedge funds and other financial firms are increasingly opening new offices outside of New York to lower-cost locales.