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Despite more than two centuries of history in a city synonymous with the global financial industry, JPMorgan is quietly shrinking its workforce there. The bank’s been building up its presence in other locations and is now considering relocating several thousand New York-based employees out of the area to help rein in costs ahead of a possible economic downturn, according to people with knowledge of the bank’s strategy.
One option is to sell the investment-banking headquarters, at 383 Madison Ave., long the main hub for JPMorgan’s bankers and traders. Executives are deciding what roles could be relocated to lower-cost hubs such as Plano, Texas; Columbus, Ohio; and Wilmington, Delaware.
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The discussions are affecting hiring decisions, with some teams being told to restrict their searches for new hires to candidates already based in lower-cost locations, some of the people said. Already, the firm has more job openings in Texas than it does in New York, New Jersey and Connecticut combined, according to listings on its website.
that isnt new. my jp morgan team is located in newark delaware. i believe chase also has operations in jersey city and im aware of banks moving to long island city. they probably will shift away from LIC and jersey city also since they arent cheap anymore.
The Plano campus is huge and is still being built. There are thousands of employees there already and there isn't enough parking for all of them so they're renting space from JC Penney's corporate HQ nearby.
They're not mulling over moving jobs from NYC...they're already doing it. Been at it for a couple of years now.
Interesting-I was in Columbus last week for a trade show. Surprised what a nice city it was (hadn't been there since the 1980s and then only briefly). Last year we were in LA and Long Beach for our spring/fall shows. Columbus was nicer than either, with better streets, nicer maintained buildings, and no human feces in the streets or bums living in tents on the sidewalks. Granted the weather wasn't quite as nice.
Interesting-I was in Columbus last week for a trade show. Surprised what a nice city it was (hadn't been there since the 1980s and then only briefly). Last year we were in LA and Long Beach for our spring/fall shows. Columbus was nicer than either, with better streets, nicer maintained buildings, and no human feces in the streets or bums living in tents on the sidewalks. Granted the weather wasn't quite as nice.
And I will wager that Columbus was not engulfed in an out of control raging fire, either.
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