More than 30 financial firms announced moves to low-tax states. Kristina Partsinevelos with more.
Yet another financial firm is leaving Wall Street and heading to the Sunshine State, the latest trend born of the coronavirus pandemic, which has forced scores of workers into remote settings, slashing the need for expensive office space in the Big Apple.
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Virtu Financial Inc.– joining the likes of Goldman Sachs, Elliott Management and Citadel — announced it would be opening an office in Florida, relocating 30 employees to Palm Beach Gardens, with plans to pare down its footprint in New York City’s Manhattan by 75% this year.
Virtu Chief Executive Officer Doug Cifu told Bloomberg News the move comes after a huge chunk of employees expressed their apprehensions about commuting to work in Lower Manhattan via public transportation in a post-coronavirus world and overall wanting to relocate for a better quality of life.
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“We are dramatically oversubscribed for people who want to relocate from the tri-state area,” Cifu said. “We surveyed our employees, and the No. 1 concern that people had was quality of life — but also taking mass transit to New York City any time in the foreseeable future.”
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Relocated workers will see a lateral pay move, which amounts to around an 11% increase in salary because Florida has zero income tax.
