JPMorgan is seriously contemplating selling its investment banking headquarters, located at 383 Madison Ave., which currently houses the well-paid bankers and traders.
JPMorgan has already built up and staffed offices in lower-cost areas, such as Plano, Texas where the bank now has 25,000 workers and is building a 12-story tower that will house even 4more employees, Columbus, Ohio and Wilmington, Delaware.
This is part of a larger, growing trend by banks to ruthlessly cut costs out of fear of a possible recession, concerns that the bull market may soon end and low interest rates, which cut deeply into profits. Real estate and salaries in New York are substantially higher than other parts of the country.
Moving from State and City taxes to no taxes. Good luck NY
No comments:
Post a Comment