{"id":132342,"date":"2020-12-13T06:15:16","date_gmt":"2020-12-13T03:15:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/jamie-dimon-open-to-relocating-chunks-of-jpmorgan-chase\/"},"modified":"2020-12-13T06:15:16","modified_gmt":"2020-12-13T03:15:16","slug":"jamie-dimon-open-to-relocating-chunks-of-jpmorgan-chase","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/jamie-dimon-open-to-relocating-chunks-of-jpmorgan-chase\/","title":{"rendered":"#Jamie Dimon open to relocating chunks of JPMorgan Chase"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40b6427b274\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40b6427b274\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/jamie-dimon-open-to-relocating-chunks-of-jpmorgan-chase\/#Power_players_outsider_mayoral_picks\" >Power players\u2019 outsider mayoral picks<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Jamie Dimon open to relocating chunks of JPMorgan Chase<\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/jpmorgan-chase-jamie-dimon.jpg?quality=90&amp;strip=all\" \/><\/p>\n<div>\n<p>When Jamie Dimon took over as CEO of JPMorgan Chase 15 years ago, he noticed something strange: Occupying the bank\u2019s most expensive real estate, with prime Park Avenue views, was a floor full of computer servers.<\/p>\n<p>Dimon, according to JPMorgan insiders, asked why couldn\u2019t those same servers be located in, say, Columbus, Ohio, where the real estate costs are much lower?<\/p>\n<p>I can\u2019t tell you where JPMorgan eventually put those servers other than to say they aren\u2019t located in the Big <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le anymore. And the same will soon be said of many other banks and financial businesses now seeking to move out of the once-friendly confines of New York City, which isn\u2019t so friendly anymore.<\/p>\n<p>The trend has been a slow burn over the past two decades, but now it has kicked into high gear thanks to COVID, spiraling costs and a feckless political class that runs this city and state.<\/p>\n<p>As reported last week, Goldman Sachs, known for its Democratic-leaning and virtue-signaling leadership, is now looking to move a chunk of its workforce to some of the reddest states in the nation, including Texas and Florida. Brokers at several big firms tell me they are likewise heading south.<\/p>\n<p>\u201cCharlie, get down here fast,\u201d one (former) NYC financial adviser who just moved to Florida told me. \u201cI can walk down the street without worrying about getting mugged, and I had dinner at a restaurant.\u201d<\/p>\n<p>It used to be said that New York City\u2019s talent pool was second to none. Now the banks are finding that smart people are in Texas, too, and a lot of their top producers have no problem relocating to an up-and-coming city like Nashville, Tenn., where the quality of life isn\u2019t so bad, particularly compared to the now crime-ridden streets of Manhattan.<\/p>\n<p>Dimon, I am told, vetoed a plan several years back to move a swath of the bank to south Florida because he didn\u2019t think the schools were good enough. Now he appears to have changed his mind and is considering plenty of relocations outside New York City.<\/p>\n<p>With a vaccine on the way, many big businesses are plotting a fuller return to their NYC headquarters in the New Year. But don\u2019t expect the banks\u2019 NYC footprint to ever match what it was. Banks are talking staggered workweeks with some personnel going to the office just two or three days a week, and office space is shared.<\/p>\n<p>The out-of-state migration to cut costs will continue even with a vaccine, because it\u2019s simply too expensive to be in Manhattan, and the banks have lost faith in the ruling political class to protect their employees and provide their kids with a quality education.<\/p>\n<p>That means tax revenues will plummet and budgets in the city and surrounding areas will get worse, not to mention the massively underfunded pension plans for municipal workers.<\/p>\n<p>New York City, of course, has seen some dark times with its brush with bankruptcy in the 1970s and high crime through the 1980s, and we survived. But then again, we had a Rudy Giuliani waiting in the wings to run things, which is why big business stayed.<\/p>\n<p>Not anymore.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Power_players_outsider_mayoral_picks\"><\/span>Power players\u2019 outsider mayoral picks<br \/><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Speaking of the next mayor, for NYC\u2019s big businesses \u2014 think Wall Street and real estate \u2014 the reign of comrade Bill de Blasio can\u2019t end fast enough. They see his inability to control crime, the bungling response to COVID and his mishandling of school reopenings as secular trends that won\u2019t be reversed by the status-quo pols running to replace him next year.<\/p>\n<p>That\u2019s why they\u2019re banking on a trio of outsiders to save the city: Former \u00adCitigroup banker Ray McGuire; Shaun Donovan, a housing official during the Bloomberg years and in the Obama administration; and to a lesser extent former Dem presidential contender Andrew Yang.<\/p>\n<p>Top executives, I am told, will do what they can to raise money to get them elected. Both McGuire and Donovan have been in touch with their contacts at these firms in recent weeks to consult on strategy and fundraising.<\/p>\n<p>As Fox Business\u2019s Lydia Moynihan has reported, Yang is now telling people he\u2019s moving toward assembling a campaign staff and has turned down a role in the Biden administration because he is highly likely to run.<\/p>\n<p>Bankers tell me they are aware all three are long shots. Recall how outsiders Rudy Giuliani and Mike Bloomberg spent years laying the groundwork before officially entering the race through savvy PR and, in Bloomberg\u2019s case, spreading around a ton of cash to \u00adinterest groups.<\/p>\n<p>Neither McGuire, Donovan nor Yang has done anything on the scale of Rudy or Mayor Mike. Meanwhile, they will be up against seasoned Democratic pols in City Comptroller Scott Stringer and Brooklyn Borough President Eric Adams with strong ties to the powerful city municipal unions.<\/p>\n<p>As The Post reported, a recent poll showed that Yang matched up well against both Stringer and Adams, but it\u2019s still early so polling can\u2019t really be trusted. McGuire and Don\u00adovan barely registered in the poll, which gives you an idea of their low name recognition.<\/p>\n<p>In other words, the chanc\u00ades of a competent, business-savvy (albeit progressive) mayor running the city following the 2021 election appear slim.\n            <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2020\/12\/12\/jamie-dimon-open-to-relocating-chunks-of-jpmorgan-chase\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Jamie Dimon open to relocating chunks of JPMorgan Chase&#8221; When Jamie Dimon took over as CEO of JPMorgan Chase 15 years ago, he noticed something strange: Occupying the bank\u2019s most expensive real estate, with prime Park Avenue views, was a floor full of computer servers. Dimon, according to JPMorgan insiders, asked why couldn\u2019t those same&#8230;<\/p>\n","protected":false},"author":1,"featured_media":132343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/jpmorgan-chase-jamie-dimon.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[83539,71939,70791,70792,83623],"class_list":["post-132342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-12-20","tag-banks","tag-jamie-dimon","tag-jpmorgan-chase","tag-relocation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/132342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=132342"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/132342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/132343"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=132342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=132342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=132342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}