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Interesting article, not really relevant. As the article says, NYC and London will always be financial centers. How about all of the small PE firms and hedge funds in NYC? There are literally hundreds. What about all of the advertising/ marketing firms? Publishing? Even higher education and healthcare. There are only a couple of choices in Richmond, there are far more in the NYC metro area. Any comparison really is a joke, in spite of how the small/mid cities are "knocking on the doors of NYC companies".They have a long, long way to go.
What the article means is that NY and London will be the places where the deals are done but the desk jobs will be in other places. I don't think those cities have a long way to go given that investment banks are moving entire departments outside the city. Small PE firms, hedge funds, media & marketing - those are boom-bust concerns and not careers that can be sustained over decades. Overall the investments industry has been shrinking since Lehman, Bear and Merrill disappeared and the asset management/trading teams have been generating lower profits. Even in out company, we are easily able to fill openings with so many ex-fixed income people flooding the job market. Publishing is also shrinking and moving offsite now that promising authors can self publish. Accounting in financial institutions is doing well now because of the initial impact of regulations but as I mentioned, those will be shifted to other locations. Healthcare/higher education are indeed the future of NYC and those are where city jobs will grow.
Look, it's great that you love Richmond, but is it really so hard to believe that someone *gasp* didn't like it there? Or actually prefers LI? Heaven forbid!
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?
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?
Point Taken ClarkStreet. Im sure the VA state Univ. system is superior to SUNY at a better price (as are many university systems down south IMO). One thing Im not at all impressed with in NY is SUNY.
What the article means is that NY and London will be the places where the deals are done but the desk jobs will be in other places. I don't think those cities have a long way to go given that investment banks are moving entire departments outside the city. Small PE firms, hedge funds, media & marketing - those are boom-bust concerns and not careers that can be sustained over decades. Overall the investments industry has been shrinking since Lehman, Bear and Merrill disappeared and the asset management/trading teams have been generating lower profits. Even in out company, we are easily able to fill openings with so many ex-fixed income people flooding the job market. Publishing is also shrinking and moving offsite now that promising authors can self publish. Accounting in financial institutions is doing well now because of the initial impact of regulations but as I mentioned, those will be shifted to other locations. Healthcare/higher education are indeed the future of NYC and those are where city jobs will grow.
Some ops have shifted but the majority of the work is still in NYC. We'll see what the future holds, but right now NYC is the place to be by an extremely wide margin.
Point Taken ClarkStreet. Im sure the VA state Univ. system is superior to SUNY at a better price (as are many university systems down south IMO). One thing Im not at all impressed with in NY is SUNY.
Not sure about that Peconic. We have public colleges but nothing like the SUNY system of which I'm a product of (insert possible joke here ). You can find some good values here but the schools tend to be large. Stony Brook (LI) 24,000; University of Richmond (private) 4,200; VCU 32,000; VaTech 31,000. Then we also have the Academic Common Market which gives in state rates to out of state students if a major isn't offered in their home state. I just dropped my kid off at WVU for Petroleum Engineering, or partying, I'm not sure which, but we're getting a great in-state rate. NY must have something similar.
I've always felt that Long Island had a great future besides being a suburb of NYC. Not sure if it's because of the times I grew up in, but I thought it's potential as an engineering and software mecca was a slam dunk. For me I just don't think of the Island as being a great place to live while needing the big city to the west. But that's just me.
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Originally Posted by ClarkStreetKid
Not sure about that Peconic. We have public colleges but nothing like the SUNY system of which I'm a product of (insert possible joke here ). You can find some good values here but the schools tend to be large. Stony Brook (LI) 24,000; University of Richmond (private) 4,200; VCU 32,000; VaTech 31,000. Then we also have the Academic Common Market which gives in state rates to out of state students if a major isn't offered in their home state. I just dropped my kid off at WVU for Petroleum Engineering, or partying, I'm not sure which, but we're getting a great in-state rate. NY must have something similar.
I've always felt that Long Island had a great future besides being a suburb of NYC. Not sure if it's because of the times I grew up in, but I thought it's potential as an engineering and software mecca was a slam dunk. For me I just don't think of the Island as being a great place to live while needing the big city to the west. But that's just me.
With a Petroleum Engineering degree he can major in Hydro-Fracking and move back to NY to work the Marcellus Shale Gas supply (Just kidding..). What school doesn't offer advanced classes in how to party. As for school sizes don't forget Mary Washington, Radford, Christopher Newport, ODU etc. All have much lower enrollment numbers that VCU/Tech/UVA.
Some ops have shifted but the majority of the work is still in NYC. We'll see what the future holds, but right now NYC is the place to be by an extremely wide margin.
Really? Not what I'm seeing at all.
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.
Some ops have shifted but the majority of the work is still in NYC. We'll see what the future holds, but right now NYC is the place to be by an extremely wide margin.
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.
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). You can find some good values here but the schools tend to be large. Stony Brook (LI) 24,000; University of Richmond (private) 4,200; VCU 32,000; VaTech 31,000. Then we also have the Academic Common Market which gives in state rates to out of state students if a major isn't offered in their home state. I just dropped my kid off at WVU for Petroleum Engineering, or partying, I'm not sure which,
but we're getting a great in-state rate. NY must have something similar.
