JPMorgan Chase is looking to move yet more good jobs out of New York City, and it’s not alone. This is what happens when local leaders keep failing to address New York’s toxic business environment.
Bloomberg reports that the bank is weighing the shift of thousands of jobs from the city to places like Plano, Texas, and Columbus, Ohio — and even mulling a sale of its headquarters tower on Madison Avenue.
This is partly a casualty of the botched Amazon deal: CEO Jamie Dimon last year said the bank was “recommitting ourselves to New York City.” But the successful far-left oust-Amazon drive means the city’s pool of tech talent won’t grow by 50,000, which would’ve made the bank’s hiring easier.
Already, Bloomberg notes, the bank lists more job openings in Texas than in the entire tristate area.
Technological advance leaves ever-less reason to cluster workers in an epically expensive city. Even after three fat years, the finance industry still employs 12,000 fewer people in the city than it did before the 2008 crisis — and the next recession will bring thousands more permanent cuts.
As Alan Johnson, chief of the consulting firm Johnson Associates, told The Post last year, “People are looking harder than ever [at cheaper areas] — particularly with tax-law changes. It’s just kind of dumb to be here.”
Mayor Bill de Blasio recently smirked, “There’s plenty of money in this city. It’s just in the wrong hands.” Part Two of that quip is one of many reasons Part One won’t last forever.
Source: Read Full Article