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Wall Street Job Exodus Grows as AllianceBernstein Move Leaks

  • More than 1,000 staff may go to Nashville, local report says
  • It’s part of a trend as firms in New York look to lower costs
Bloomberg business news

AllianceBernstein Says Goodbye New York, Hello Tennessee Tax-Haven

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New York’s hold on finance and investing jobs keeps slipping.

AllianceBernstein Holding LP is moving its corporate headquarters and about 1,050 jobs from the city known for Broadway shows to one more famous for country music. The company will begin moving workers to Nashville in 2018, and eventually plans to relocate finance, legal, and sales and marketing teams, among other functions, according to a filing Wednesday. The firm’s portfolio management, sell-side research and trading, and New York-based private wealth management businesses aren’t moving.