Wall Street is becoming an expensive proposition for businesses in the current economic times. Some of the largest investment houses are looking to expand and move away from Wall Street to cheaper areas of the United States. This is certainly a smart move for many of these companies.
What makes this an important factor for the average person is the jobs that might be available in different places. New York and London are definitely going to remain financial centers for these companies, but most are looking for cheaper locations. Boston Consulting Group, for example, has been helping banks determine some of the better regions to move their companies to.
For anyone who has skills in the financial sector this is good news, as jobs could be coming your way. You might find you are working for a Wall Street company without having to relocate to Wall Street. Instead there may be business relocation towards you, depending on where you live.
Some companies are just looking to get out of New York City but remain in the same state, so their business relocation may not help a great deal other than for those already employed who can finally gain cheaper rent. Other companies are looking for better tax bases to make the move much cheaper. Salt Lake City has been a choice discussed by some of the major banks. There is also a reduction in salary should a company move, given that the state tends to pay lower salaries than New York City demands. This is another area of savings for companies.
Jon Huser
