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Goldman Plots Florida Base for Asset Management in a Blow to New York

  • Remote-work experience speeds plan to shift New York-area jobs
  • Elliott, Blackstone and Citadel have been expanding in Florida
Bloomberg business news
Goldman Plots Florida Base for Asset Management Arm
Updated on

Goldman Sachs Group Inc. is weighing plans for a new Florida hub to house one of its key divisions, in another potential blow to New York’s stature as the de facto home of the U.S. financial industry.

Executives have been scouting office locations in South Florida, speaking with local officials and exploring tax advantages as they consider creating a base there for its asset management arm, according to people with knowledge of the matter. The bank’s success in operating remotely during the pandemic has persuaded members of the leadership team that they can move more roles out of the New York area to save money.