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Wall Street Firms Consider Moving Jobs from NYC, Study Says

  • Some in finance, professional services may trim footprint 20%
  • Partnership for NYC, which oversaw study, is composed of CEOs
The Empire State Building stands in the Manhattan skyline.
Photographer: Craig Warga
Updated on

Work from home and the reduced need for employees in New York’s financial and professional-services industries have prompted some companies to consider paring their presence in the city by at least 20%, according to a study on the economic impact of Covid-19.

About one in four office employers intend to reduce their footprint by at least a fifth, and about 16% expect to move jobs out of the city, according to the Partnership for New York City, an influential group composed of corporate chief executives, which enlisted over a dozen consulting firms to work for free to conduct the study.