{"id":446807,"date":"2022-05-12T19:49:09","date_gmt":"2022-05-12T16:49:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/alliancebernsteins-move-to-nashville-saves-80m-a-year\/"},"modified":"2022-05-12T19:49:09","modified_gmt":"2022-05-12T16:49:09","slug":"alliancebernsteins-move-to-nashville-saves-80m-a-year","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/alliancebernsteins-move-to-nashville-saves-80m-a-year\/","title":{"rendered":"#AllianceBernstein&#8217;s move to Nashville saves $80M a year"},"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-6a3f6c07465bc\" 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-6a3f6c07465bc\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/alliancebernsteins-move-to-nashville-saves-80m-a-year\/#%E2%80%9CAllianceBernsteins_move_to_Nashville_saves_80M_a_year%E2%80%9D\" >&#8220;AllianceBernstein&#8217;s move to Nashville saves $80M a year&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CAllianceBernsteins_move_to_Nashville_saves_80M_a_year%E2%80%9D\"><\/span>&#8220;AllianceBernstein&#8217;s move to Nashville saves $80M a year&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Wall Street giant AllianceBernstein, which moved its headquarters from New York City to Nashville four years ago, is reaping massive savings from the relocation \u2014 but some employees aren\u2019t thrilled, according to a report. <\/p>\n<p>The investment behemoth, with $685 billion under management, has moved over 1,000 jobs to the Tennessee capital \u2014 also known as the \u201cbachelorette capital of the world\u201d \u2014 anticipating a savings of $80 million in overhead and operational costs by 2025, according to a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-11\/moving-to-nashville-yields-mixed-bag-for-wall-street-giant\">Bloomberg reported<\/a> on Thursday.<\/p>\n<p>AllianceBernstein\u2019s stock has surged since the May 2018 announcement \u2014 up 113% compared with the S&amp;P 500 which is up <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>roximately 63% over the same time period.<\/p>\n<p>While the company transplanted staff in operations, legal, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, and compliance it allowed portfolio managers to stay in New York given most of their clients remain in the Big Apple.<\/p>\n<p>The promise of an upscale, spacious headquarters with kombucha on tap, spin rooms, and yoga studios was enough to lure 250 staffers from New York \u2014  nearly 25% of the 1,050 workers AllianceBernstein planned for. The company has since revised that number upward to 1,250 and is 80% of the way to meeting that target.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/AB-s-Nashville-headquarters-501-Commerce-is-LEED-Silver-certified-the-leading-benchmark-in-sustainable-design.jpg?w=1024\" alt=\"Downtown Nashville\" class=\"wp-image-22241913\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/AB-s-Nashville-headquarters-501-Commerce-is-LEED-Silver-certified-the-leading-benchmark-in-sustainable-design.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/AB-s-Nashville-headquarters-501-Commerce-is-LEED-Silver-certified-the-leading-benchmark-in-sustainable-design.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/AB-s-Nashville-headquarters-501-Commerce-is-LEED-Silver-certified-the-leading-benchmark-in-sustainable-design.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>AllianceBernstein\u2019s move to Nashville is saving the company an estimated $80 million a year.<\/figcaption><figcaption><span class=\"credit\">Jordan Powers<\/span><\/figcaption><\/figure>\n<p>Organic fermented tea hasn\u2019t been the only draw \u2014 top executives got $4 million in stock awards for heading South.<\/p>\n<p>But once the move was underway, the executives driving the relocation retired \u2014 leaving employees feel abandoned, according to the report. Chief operating officer James Gingrich \u2014 who was promised a $14 million stock award if he stayed through 2022 \u2014 abruptly announced his retirement in 2019. <\/p>\n<p>Chief financial officer John Weisenseel and head of global client group Robert Keith, who both pushed for the move, announced their departures in 2020.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/AllianceBernstein-opened-its-headquarters-in-the-heart-of-downtown-Nashville-at-501-Commerce.jpg?w=1024\" alt=\"AllianceBernstein office\" class=\"wp-image-22241959\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/AllianceBernstein-opened-its-headquarters-in-the-heart-of-downtown-Nashville-at-501-Commerce.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/AllianceBernstein-opened-its-headquarters-in-the-heart-of-downtown-Nashville-at-501-Commerce.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/AllianceBernstein-opened-its-headquarters-in-the-heart-of-downtown-Nashville-at-501-Commerce.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Companies including Oracle and Amazon are eyeing opening offices in Tennessee. <\/figcaption><figcaption><span class=\"credit\">Jordan Powers<\/span><\/figcaption><\/figure>\n<p>The executive departures left many employees feeling abandoned \u2014 and that their careers had stalled since the move. Other employees complained they couldn\u2019t make the transition to living in a red state where mask mandates were lax and they worried about political issues like abortion rights. <\/p>\n<p>Still, others are glad to be able to afford housing that\u2019s more than 50% cheaper than in New York City and are enjoying their 10-minute commutes.<\/p>\n<p>AllianceBernstein appears to have set a trend \u2014 major tech companies including Amazon and Oracle have revealed plans to open offices in the trendy Tennessee town.\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\/2022\/05\/12\/alliancebernsteins-move-to-nashville-saves-80m-a-year\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;AllianceBernstein&#8217;s move to Nashville saves $80M a year&#8221; Wall Street giant AllianceBernstein, which moved its headquarters from New York City to Nashville four years ago, is reaping massive savings from the relocation \u2014 but some employees aren\u2019t thrilled, according to a report. The investment behemoth, with $685 billion under management, has moved over 1,000 jobs&#8230;<\/p>\n","protected":false},"author":1,"featured_media":446808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/With-a-workforce-of-1000-employees-AB-is-proud-to-call-Nashville-home.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[129076,12867,70360],"class_list":["post-446807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-12-22","tag-nashville","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/446807","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=446807"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/446807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/446808"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=446807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=446807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=446807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}