“The most interesting thing about New York is that when they move the financial distrct out of there, it is over”
Wall Street should leave; after those disgusting protests and overt open hostility endorsed by the President and Mayor of New York, frankly Wall Street should pick up and find a new place.
RE: Wall Street should leave; after those disgusting protests and overt open hostility endorsed by the President and Mayor of New York, frankly Wall Street should pick up and find a new place.
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There is really no reason why a Wall Street firm cannot operate remotely while using communications technology to coordinate teams.
As an example, take the Depository Trust Clearing Corp or DTCC ( where I used to work ), the foremost stock and bond and derivative clearing and settlement company in the USA.
They used to be headquartered at 55 Water St. Downtown Manhattan.
Now, most of their operations and IT is located in TAMPA ( yep, that’s FLORIDA ). They’ve also moved their HQ from Manhattan to Jersey City ( across the Hudson ).
I used to have weekly team meetings with my team via GOTOMEETING. An online meeting, desktop sharing, and video conferencing system. We could even share documents in real time.
Why did they move to Tampa?
ANSWER: COST.
If the DTCC can do it, what’s to stop the other firms from doing it?