The New York Times recently published an articletitled “Financial Giants Are Moving Jobs Off Wall Street.” It detailed an emerging trend in which major Wall Street companies are taking swaths of on-site mid-level jobs and relocating them to less expensive locations. This phenomenon is known as “near-shoring.”
It’s easy to understand the rationale. The terrorist attacks of Sept. 11, 2001, the financial crisis of 2008 and the Dodd–Frank Act of 2010 have had a cumulative effect on many of these companies’ bottom lines, causing them to move much of Wall Street away from Wall Street in the name of lower overhead and reduced payroll costs.
While this turn of events might make Alexander Hamilton spin in his grave, it’s been a boon to other cities and states not traditionally thought of as financial hubs. It’s brought jobs and much-needed revenue to low-key places that have welcomed the infusion of business with open arms, tax incentives and cheaper real estate.
Which locations have Wall Street companies chosen for their mid-level operations? Read ahead to find out.
By Daniel Bukszpan
Posted 3 August 2012