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Old 11-19-2020, 09:48 AM
 
Location: plano
7,893 posts, read 11,441,127 times
Reputation: 7811

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Fox business's Charlie Gasparino reported two big banks cutting staff before Christmas and all planning cuts. He also mentioned they learned they can operate withess staff and more remotely. On the remote comment he only mentioned nashville as a non NE location as an example. It will be interesting to see if some follow Alliance Bernstein's move to nashville and where else they might go.

To clarify looking to relocate some staff not entire operation.

Last edited by Johnhw2; 11-19-2020 at 10:44 AM..
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Old 11-19-2020, 06:20 PM
 
Location: Murfreesboro, TN
54 posts, read 41,372 times
Reputation: 58
Quote:
Originally Posted by Johnhw2 View Post
Fox business's Charlie Gasparino reported two big banks cutting staff before Christmas and all planning cuts. He also mentioned they learned they can operate withess staff and more remotely. On the remote comment he only mentioned nashville as a non NE location as an example. It will be interesting to see if some follow Alliance Bernstein's move to nashville and where else they might go.

To clarify looking to relocate some staff not entire operation.
Everyone else is moving here. You guys might as well join the party !

My last count on the number of Cranes building new high rises in downtown Nashville was.... "25" . YES, 25 1
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Old 11-25-2020, 10:33 AM
 
Location: Brooklyn, NY
10,106 posts, read 14,517,684 times
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Nashville could be a great option. The downtown density and vibrancy is incredible for a city its size, and construction is thriving downtown.

I could also see banks flocking to Charlotte, Raleigh or Atlanta, in addition to Nashville. Even cities like Louisville or Greenville/Spartanburg area could be options.

I'd imagine state income tax could be a big draw, so with that, Tennessee has the leg up, but so do southern states of Florida and Texas.

Not good news for NYC for sure.

Last edited by jjbradleynyc; 11-25-2020 at 10:49 AM..
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Old 11-25-2020, 07:06 PM
 
Location: TN/NC
35,143 posts, read 31,445,911 times
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The crux of the argument is if these banks are moving management/development/"top tier" jobs to Nashville or just moving lower skilled back office stuff for lower wages.
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Old 11-25-2020, 10:00 PM
 
1,017 posts, read 1,497,601 times
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I’m not sure any major investment bank will actually leave NY, since it’s the financial capital of the world, but if any do make the move, I’d imagine Charlotte and Atlanta would be the top choices for relocating to in the South due to their existing large financial sector. Nashville’s is pretty small by comparison.
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Old 11-26-2020, 06:51 PM
 
26 posts, read 23,703 times
Reputation: 57
Quote:
Originally Posted by mattec View Post
I’m not sure any major investment bank will actually leave NY, since it’s the financial capital of the world, but if any do make the move, I’d imagine Charlotte and Atlanta would be the top choices for relocating to in the South due to their existing large financial sector. Nashville’s is pretty small by comparison.
Tell that to Alliance Bernstein.
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Old 11-30-2020, 02:40 PM
 
1,017 posts, read 1,497,601 times
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Quote:
Originally Posted by kswisscarl View Post
Tell that to Alliance Bernstein.
AllianceBernstein isn't a bank. Also, operations directly related to finance, such as the private wealth management business and sell-side research and trading, are staying in New York. Their legal, compliance, internal audit, human resources, internal finance, IT, operations and sales and marketing departments are moving to Nashville.
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