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(Yahoo)   Financial giants un-occupying Wall Street   (finance.yahoo.com) divider line 29
    More: Interesting, Wall Street, Boston Consulting Group, Bank of New York Mellon, incentive programs, financial capital, call centers, back offices, Credit Suisse  
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2937 clicks; posted to Business » on 02 Jul 2012 at 7:44 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-02 05:03:48 PM
1.bp.blogspot.com
 
2012-07-02 05:13:28 PM
Eating their own.
 
2012-07-02 05:43:40 PM
What doglover said.
 
2012-07-02 07:03:46 PM
Unless they're addicted to NYC, that should be a good deal. Those bonuses will go a looooong way in flyover country.

And the girls are prettier and fark better.
 
2012-07-02 07:15:38 PM
Theres a whole lot of real estate available cheap in South Dakota. Favorable banking laws too.
 
2012-07-02 07:20:55 PM

edmo: Unless they're addicted to NYC, that should be a good deal. Those bonuses will go a looooong way in flyover country


It's would probably be the back-office functions that get moved more than the big-money people.
 
2012-07-02 07:33:50 PM

FreakinB: edmo: Unless they're addicted to NYC, that should be a good deal. Those bonuses will go a looooong way in flyover country

It's would probably be the back-office functions that get moved more than the big-money people.


yeah the accounting and trade support staff aren't the ones getting bonuses that are multiples of their salaries. the most surprising thing about this is that these massive companies had their support functions based out of nyc in the first place.
 
2012-07-02 07:49:30 PM

thomps: FreakinB: edmo: Unless they're addicted to NYC, that should be a good deal. Those bonuses will go a looooong way in flyover country

It's would probably be the back-office functions that get moved more than the big-money people.

yeah the accounting and trade support staff aren't the ones getting bonuses that are multiples of their salaries. the most surprising thing about this is that these massive companies had their support functions based out of nyc in the first place.


0.001 is still a multiple of your salary.
 
2012-07-02 08:06:32 PM
In other news imposing unreasonable taxes on people makes companies leave your state, news at 11.
 
2012-07-02 08:33:30 PM

FabulousFreep: In other news imposing unreasonable taxes on people makes companies leave your state, news at 11.


That's an oversimplification. It's not just taxes, it's cost of living in general. You can pay people less in other parts of the country.
 
2012-07-02 08:49:47 PM

Generation_D: Theres a whole lot of real estate available cheap in South Dakota. Favorable banking laws too.


There are a lot of empty buildings and cheap real estate in Detroit
 
2012-07-02 08:56:43 PM

Muta: Generation_D: Theres a whole lot of real estate available cheap in South Dakota. Favorable banking laws too.

There are a lot of empty buildings and cheap real estate in Detroit


hey, c'mon does Detroit really need an influx of criminally evil people after all it's been through?
 
2012-07-02 09:04:01 PM
Wall St. is just starting to realize what everyone else already knows: with the proliferation of cheap, powerful computers and broadband internet there's no longer any need to locate in high cost areas like Manhattan. The NYSE trading floor is basically a showpiece, 90%+ of all stock trades are done electronically without shouting traders throwing papers around. Trading could be done from Bayonne, Mobile, Boulder, hell, anywhere.
 
2012-07-02 09:09:28 PM

FreakinB: FabulousFreep: In other news imposing unreasonable taxes on people makes companies leave your state, news at 11.

That's an oversimplification. It's not just taxes, it's cost of living in general. You can pay people less in other parts of the country.


That's also an oversimplification. It's not just taxes and cost of living, it's that you pay through the nose and in return you get farkwittery and corruption.

The golden goose is saying "fark this New York egg-laying shiat for those ingrates in Albany - I'm flying to Boca."
 
2012-07-02 09:26:29 PM

MikeMc: Wall St. is just starting to realize what everyone else already knows: with the proliferation of cheap, powerful computers and broadband internet there's no longer any need to locate in high cost areas like Manhattan. The NYSE trading floor is basically a showpiece, 90%+ of all stock trades are done electronically without shouting traders throwing papers around. Trading could be done from Bayonne, Mobile, Boulder, hell, anywhere.


Mahwah, in fact.
 
2012-07-02 09:31:13 PM

Gulper Eel: FreakinB: FabulousFreep: In other news imposing unreasonable taxes on people makes companies leave your state, news at 11.

That's an oversimplification. It's not just taxes, it's cost of living in general. You can pay people less in other parts of the country.

That's also an oversimplification. It's not just taxes and cost of living, it's that you pay through the nose and in return you get farkwittery and corruption.

The golden goose is saying "fark this New York egg-laying shiat for those ingrates in Albany - I'm flying to Boca."


if you want to escape farwkittery and corruption, why on earth are you moving to Florida?!

this article is years behind the times. at my former employer, what wasn't offshored to India was moved to Delaware four years ago. not much back or middle office left in NYC. traders don't have to be local anymore either, one credit trader at my firm worked from home in Kansas City.

many of these jobs at other banks left Manhattan for Jersey City a decade ago. heck, the NYSE itself almost moved to New Jersey back then. unless the jobs were leaving Jersey City too, but the article doesn't mention that.

who suffers here? the upper middle class in the tristate area will shrink, and colleges in the region that are not NYU, Yale or Columbia lose major local employers for their graduates.
 
2012-07-02 09:51:34 PM

edmo: Unless they're addicted to NYC, that should be a good deal. Those bonuses will go a looooong way in flyover country.


According to the article, their salaries are getting cut too, because cost of living is cheaper. Or because, as FabulousFreep seems to believe, because higher state and local taxes are forcing them to pay their employees more.

elchip: MikeMc: Wall St. is just starting to realize what everyone else already knows: with the proliferation of cheap, powerful computers and broadband internet there's no longer any need to locate in high cost areas like Manhattan. The NYSE trading floor is basically a showpiece, 90%+ of all stock trades are done electronically without shouting traders throwing papers around. Trading could be done from Bayonne, Mobile, Boulder, hell, anywhere.

Mahwah, in fact.


Mahwah, NJ is where the NYSE datacenter is, and a lot of trading operations moved to Northern Jersey to capitalize on the few nanoseconds of advantage that they get over the traders based in Manhattan. So in that situation Boulder or Mobile doesn't actually offer that much of an advantage. Support services though, I guess those can get outsourced or "nearshored" or whatever to any part of the country, or world.

Still, if you're running a multi-million- or multi-billion-dollar operation, why are you trusting a guy from Alabama whom you might actually see only once every few months?
 
2012-07-02 10:31:59 PM

dumbobruni: many of these jobs at other banks left Manhattan for Jersey City a decade ago. heck, the NYSE itself almost moved to New Jersey back then.


Hmm, I wonder what might have happened in downtown Manhattan a decade ago that would have made Jersey City a more attractive location for offices?

/Mayor Bret Schundler's championing of business-favorable Payment In Lieu Of Taxes programs?
 
2012-07-02 11:49:12 PM

poot_rootbeer: dumbobruni: many of these jobs at other banks left Manhattan for Jersey City a decade ago. heck, the NYSE itself almost moved to New Jersey back then.

Hmm, I wonder what might have happened in downtown Manhattan a decade ago that would have made Jersey City a more attractive location for offices?

/Mayor Bret Schundler's championing of business-favorable Payment In Lieu Of Taxes programs?


sorry, I was off by a couple of years. 2004 is when the bank ops moved over.
 
2012-07-03 12:37:55 AM

FreakinB: FabulousFreep: In other news imposing unreasonable taxes on people makes companies leave your state, news at 11.

That's an oversimplification. It's not just taxes, it's cost of living in general. You can pay people less in other parts of the country.



Taking into account the target audience i think oversimplification is the correct approach :)
 
2012-07-03 12:40:23 AM
In 2000 the J'burg stock exchanged moved coz of all the unruly black people hangin' around.
 
2012-07-03 01:25:23 AM

thomps: yeah the accounting and trade support staff aren't the ones getting bonuses that are multiples of their salaries. the most surprising thing about this is that these massive companies had their support functions based out of nyc in the first place.


Most of these companies have already sent their back- and middle-office staff out to Cheapsylvania and Right-to-workistan. The only people left are the decision makers, the people who operate the physical vaults, and their personal support (read: admin & IT) staff. There are also the 'action' addicts and the 'dealmakers' who are hooked on the New York Energy. but don't fool yourself - Stamford, White Plains, and other satellite towns out there are where the high-value workers go when they get too valuable to let go, but don't want the commute from the bedroom community where their 3 kids go to awesome public schools
 
2012-07-03 03:50:06 AM
Not sure why this is making news.

Also, "Wall St" is more and more based in Midtown. The move started after 11 Sept 01, with firms looking for office space to replace offices lost at the WTC site. Midtown was full of empty, cheap office space, so firms started moving uptown. In the intervening years, Goldman and others have built or bought new headquarters in the area.

/Which is ironic, as one of the reasons for the development of the WTC was to keep financial firms from moving uptown and away from Wall St, which is what they were starting to do in the 1960s.
 
2012-07-03 06:09:46 AM

Arkanaut: edmo: Unless they're addicted to NYC, that should be a good deal. Those bonuses will go a looooong way in flyover country.

According to the article, their salaries are getting cut too, because cost of living is cheaper. Or because, as FabulousFreep seems to believe, because higher state and local taxes are forcing them to pay their employees more.

elchip: MikeMc: Wall St. is just starting to realize what everyone else already knows: with the proliferation of cheap, powerful computers and broadband internet there's no longer any need to locate in high cost areas like Manhattan. The NYSE trading floor is basically a showpiece, 90%+ of all stock trades are done electronically without shouting traders throwing papers around. Trading could be done from Bayonne, Mobile, Boulder, hell, anywhere.

Mahwah, in fact.

Mahwah, NJ is where the NYSE datacenter is, and a lot of trading operations moved to Northern Jersey to capitalize on the few nanoseconds of advantage that they get over the traders based in Manhattan. So in that situation Boulder or Mobile doesn't actually offer that much of an advantage. Support services though, I guess those can get outsourced or "nearshored" or whatever to any part of the country, or world.

Still, if you're running a multi-million- or multi-billion-dollar operation, why are you trusting a guy from Alabama whom you might actually see only once every few months?


Thought it was Weehawkin. Or is that NASDAQ?
 
2012-07-03 06:39:48 AM
They're getting Offshored from Manhattan?

Ironic. Maybe there is karma after all. Stick em in podunk Louisiana or Arizona.
 
2012-07-03 09:10:06 AM
New York's biggest investment houses are shifting jobs out of the area and expanding in cheaper locales in the United States, threatening the vast middle tier of positions that form the backbone of employment on Wall Street.

Bwahahahahahahaha! Oh, won't someone think of the middle class of Wall Street! How will this country survive if the Wall Street Middle Class, the backbone of Wall Street society, isn't taken care of?

What will happen to Wall Street if more and more Wall Street bankers go on Wall Street welfare?
 
2012-07-03 09:40:28 AM

doglover: [1.bp.blogspot.com image 640x424]


We said JUMP, you farkers, not fly.
 
2012-07-03 11:23:20 AM
I wonder if the dawgs in Wall Street knew that their jobby-jobs would eventually be outsourced to less expensive locales.

I knew that the peeps working on M&A for law firms were out of job when the outsourcing fever hit the corporate law world.
 
2012-07-03 09:15:26 PM

H31N0US: Thought it was Weehawkin. Or is that NASDAQ?


BATS. NASDAQ is in Carteret.
 
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