Finance Capitals Imperiled by Threats Beyond Working From Home
- Status of New York, London, Hong Kong under pressure
- Goldman Sachs, Moelis are among NYC firms looking at Florida
This article is for subscribers only.
As global finance leaders take a fresh look this year at the hubs that have long been their homes, they’re increasingly seeing high costs and political chaos.
Amid a work-from-home boom spawned by the Covid-19 pandemic, those headwinds threaten to redraw the global map of where money is raised and made. In New York, Goldman Sachs Group Inc. and Moelis & Co. may soon see key moneymakers heading to Florida, moves that highlight the high taxes and expenses in their hometown. Meanwhile, Brexit is peeling away assets and talent from London, while China’s heavy hand is undermining the longtime appeal of Hong Kong.