Goldman Sachs Could Move Asset Management Unit To Florida

Financial powerhouse Goldman Sachs is reportedly considering relocating one of its major divisions to Florida after remote work this year has shown leaders some roles could be moved out of pricey New York City.

The move would apply to the investment bank's asset management arm, Bloomberg reports. Executives have been looking at office locations in places north of Miami like Palm Beach County and Fort Lauderdale, as well as talking to local officials and examining the tax benefits of the state. No decision has been made, however, and Goldman could also move the division to another low-cost city like Dallas, according to Bloomberg.

“We are executing on the strategy of locating more jobs in high-value locations throughout the U.S., but we have no specific plans to announce at this time,” a spokesman for Goldman Sachs said in a statement to the publication. The company is planning to save $1.3B, in part by moving employees to cheaper places.

If it does happen, it would strike a blow to New York City’s status as the financial capital of the world and mean more high earners — whose tax dollars the city budget badly needs right now — would be leaving. Locals have been warning for some time that the city needs to work harder to hold onto cash-rich companies that have helped drive its prosperity, particularly in light of Amazon’s decision last year to halt plans to build a headquarters in the city.

It wouldn’t be the first major financial firm to leave for the Sunshine State. Paul Singer’s Elliott Management Corp. is moving its headquarters to West Palm Beach from Manhattan. Carl Icahn signed a lease last year to move Icahn Enterprises out of its New York City and White Plains offices and into a Sunny Isles Beach building. Blackstone Group also announced plans to open an office in Florida earlier this year.