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Wall Street Extends To Smaller Cities

Wall Street Extends To Smaller Cities

Sunday, May, 6, 2018 05:30PM

Students participating in an online accounting degree program or online degree in finance may not have to move to large financial hubs like New York or London to get a Wall Street type job. Because of high taxes, real estate costs and pay rates in big time cities, some financial leaders are finding that relocating some of their team will save them a significant amount of money.

For instance, Deutsche Bank, which is headquartered in New York, has transferred roughly 1,500 members of their staff to the company’s Jacksonville location. As a location that started as a back-office center in 2008, technology workers, legal and compliance staff members and trading support jobs have all recently been added to the office.

By moving the middle-level jobs to locations such as North Carolina, Texas or New Jersey, companies can save 40 percent to 75 percent on expenses that companies are currently paying to house certain positions.

The shift is not intended to change the financial climate of New York, though. Many of the high-level jobs will still remain on Wall Street, and according to the New York Times, the city has kept 24 percent of the nation's jobs throughout the recession and after.

“Even as the securities industry goes through a difficult time, New York remains the financial capital of the world and I don’t see that changing anytime soon,” said Thomas P. DiNapoli, the New York State comptroller.

Goldman Sachs has been a front-leader in this trend, and has hired roughly a third of new employees outside of New York. In the past two years, Bangalore in India, Salt Lake City, Dallas and Singapore have been the main offices of new employees. The company’s Salt Lake City office is the 6th largest globally with 1,400 employees. 

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