Extreme Commuting: CT to NYC (New Haven, Stamford: 2013, maintenance, to live)
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BTW, UBS Nashville has more staff than UBS & RBS has had combined, at any point the last 3 years, in Stamford.
The Northeast stranglehold on this sector is going to wither away. Not die off, but the sector's jobs will be dispersed to far more cities and nations.
Yep. This applies to back office as well as middle office functions (trade/transaction support, trader PNL etc). Compliance roles are also moving. I don't think people outside banking space see the drastic movement away from NYC area for many middle class and upper middle class jobs. Poland has been growing for years and steadily taking many finance jobs away. India continues to get bulk of tech roles. You couple this with influx of H1B and their H4 spouses and area is flooded with cheap worker alternatives.
Yep. This applies to back office as well as middle office functions (trade/transaction support, trader PNL etc). Compliance roles are also moving. I don't think people outside banking space see the drastic movement away from NYC area for many middle class and upper middle class jobs. Poland has been growing for years and steadily taking many finance jobs away. India continues to get bulk of tech roles. You couple this with influx of H1B and their H4 spouses and area is flooded with cheap worker alternatives.
I agree. We compete globally even when we do not realize it.
It affects other functions, too.
I know of many FFC corps which have outsourced a lot of what was entry level grad Finance work to Asia, while they maintain a smaller quantity of senior to lower mgmt. tasks here, but for how long, tbd.
Yep. This applies to back office as well as middle office functions (trade/transaction support, trader PNL etc). Compliance roles are also moving. I don't think people outside banking space see the drastic movement away from NYC area for many middle class and upper middle class jobs. Poland has been growing for years and steadily taking many finance jobs away. India continues to get bulk of tech roles. You couple this with influx of H1B and their H4 spouses and area is flooded with cheap worker alternatives.
Quote:
Originally Posted by BobNJ1960
I agree. We compete globally even when we do not realize it.
It affects other functions, too.
I know of many FFC corps which have outsourced a lot of what was entry level grad Finance work to Asia, while they maintain a smaller quantity of senior to lower mgmt. tasks here, but for how long, tbd.
Insurance has mimicked that also.
We outsourced the majority of our back office 12+ yrs ago to India and Poland. Has been the norm in Finance and Banking for some time now.
You should take a look at the Wassaic train station parking lot on a weekday afternoon. You're guaranteed to see license plates from 4 states (CT, NY, MA, VT). I think the people that are there from VT are from the Bennington area, and stay in New York for the week and go home on the weekends, but even one way that's a good 4 to 4.5 hour trip into New York (2 hours in the car, 2 train ride), and than combined 9 to 10 hours home and back.
Jeez. I sure hope those VT plates aren’t daily commuters!
I have heard of people commuting from SW MA via Wassaic train station. What is that, 45 minutes to the state border? Hope that job pays well....
I don't commute into NYC regularly anymore but took the train from West Haven to GCT last Tuesday morning. The train station is very nice. However, a couple observations. I literally found the last day-parking (pay at meter) space at 8:40 am. I checked both the northbound and southbound lots. When the train arrived, I was surprised at how full it already was, and it was the full-length train, not short on cars (I asked the conductor). And these people did not get off in Stamford or prior to GCT, in fact, almost no one did. They were all going to NYC and they had monthly passes. I was pretty amazed at how many people got on from WH and south, especially Milford and Stratford, with monthly passes to GCT. I remember back in the day, when the WH train station did not even exist yet, that hardly anyone commuted regularly from that far north. Interesting how times change. Does anyone know if there are plans to expand the parking at those lots?
I once read about some magazine asking people to name their super commutes and the winner won a car or something big that is commuting related and the winner was actually a guy who lived in Norwalk but commuted (by car) to the southwestern suburbs of Boston
Thanks for sharing this article. I can't imagine commuting 2 hours+ for work everyday! I think if it was once or twice a week then the commute is tolerable but Everyday. Although I can see the beauty of living in the big house, low taxes and lower cost of living in general. Maybe the lower cost of living is worth the commute?
I don't commute into NYC regularly anymore but took the train from West Haven to GCT last Tuesday morning. The train station is very nice. However, a couple observations. I literally found the last day-parking (pay at meter) space at 8:40 am. I checked both the northbound and southbound lots. When the train arrived, I was surprised at how full it already was, and it was the full-length train, not short on cars (I asked the conductor). And these people did not get off in Stamford or prior to GCT, in fact, almost no one did. They were all going to NYC and they had monthly passes. I was pretty amazed at how many people got on from WH and south, especially Milford and Stratford, with monthly passes to GCT. I remember back in the day, when the WH train station did not even exist yet, that hardly anyone commuted regularly from that far north. Interesting how times change. Does anyone know if there are plans to expand the parking at those lots?
You were lucky to get a rare parking paid spot at 8:40am.
I think many days West Haven parking lot is full before 8:30am , and only have a couple of spots for monthly pass holders.
Things changed a lot in Metro North trains over past year. I noticed dramatic increase of riders from NH/WH on the trains between 8 to 9am. Many goes to Fairfield County or NYC on monthly pass from New Haven area. I suspect this may have to do with Hartford line riders as well who transfer at NH.
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