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Peconic, it's not really about Richmond but about mid-sized cities being able to offer many of the things that make a big city attractive without the hassles. The point is people that don't need NYC for work usually don't use it enough for it's entertainment and cultural value to make living in it's shadow financially worth it.
Exrichmondback2LI, many children who graduate college do go right back home, so that's not a surprise. Richmond may not be for you but you obviously took advantage of one of our schools and you felt it was safe enough to go here. So why didn't you go to a better school in a safer area of NYC or Long Island?
OMG! Are you actually admitting there might be even one tiny thing better on LI than in Richmond, VA? Are you feeling all right?
I disagree, the career opportunities being in NYC far exceed any I had in Richmond. The 2 are just not comparable. I'd rather pay a premium to be on LI and know that jobs are plenty then move to any 3rd rate city where we'd be another recession away from financial disaster.
You can't discount the opportunities to earn a paycheck.
There are other points of view. For example, some people don't have to worry about that. You can live anywhere if you have the gubmint paying your bills.
Galicia, are you referring to HS Frats? I thought I was the only one who remembered them.
I think me and the rest of of the people of ATF are even more famous because we actually have people who follow us around on the interwebz and ponder everything we post!
Not really. It's not a question about shifting ops. It's about jobs that have disappeared completely. Lehman, Merrill and Bear are gone for good and there is nothing on earth that will replace the numbers they used to employ. BOFA and Wachovia have shrunk their investing staff. UBS is retreating from investment banking and Credit Suisse is following. For them, there are no ops to speak of. NY's finance industry is not the big employer it had once been and it's getting even smaller. The jobs that are moving to the mid sized cities are just the coup de grace no matter what happens in the future. The accounting jobs in the banks are sure to follow out of state because they have no reason to be in the city. NYC is not the place to be if you're holding a desk job. If you are in NYC, you will someday be asked to transfer elsewhere and take a 40% pay cut.
The article you posted states NYS has 24% of all securities jobs in the USA. That's my industry, I'll take my chances here ;-) you can take your chances with your "if's and but's and maybe's".
Wall St. continues to downsize very aggressively. As others have mentioned, some of the biggest banks have moved ops to SLC (Goldman), Raliegh (CS) and Tampa. Groups left in NYC continue to be downsized or outsourced.
Hedge funds may be hiring, but in the city, it's a fraction of the overall market. It's better up in southwestern CT, especially Stamford, but good luck commuting there.
What's left? Start-up business is expanding very quickly, but long days and potentially lower money mean it's time to head west or south. Media or consulting? Sure, but they don't pay like Wall St.
The latest unemployment figures, as flawed as they are, show NY and NYC's unemployment rates are rising.
Unfortunately, no one is lowering my property taxes or utility rates based on the decreasing fortunes of the NYC job market.
If it's working for you, good.
For all of your doom and gloom anecdotes, if you search on careerbuilder NYc far exceeds just about any other city, and certainly rinkydink cities like Richmond. As I said to the other poster, I'll take my chances here in NYC. So far, so very good
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