Goldman Sachs Is Scouting The Miami Area For New Offices In What Is Being Called A Blow To New York

Goldman Sachs is considering moving a big chunk of employees from New York to Miami, according to Bloomberg.

Bloomberg said the move would be a major blow to New York’s status as the home of the U.S. financial industry.

The pandemic has convinced the company that a relocation could be successful, the report said.

If Goldman proceeds with the plan, the company’s key asset management division could be relocated entirely to the Miami area.

In total, the company employs nearly 41,000, but it isn’t known yet how many would relocate. Asset management is 25% of Goldman’s revenues.

Both back office staff and investment professionals would be moved.

Goldman has been scouting for office space in areas north of Miami, including Fort Lauderdale and Palm Beach County, the report said. They are also looking at potential tax benefits in the area. The firm could still decide against the move.

The movement from New York to Miami has been accelerating, and  it would be especially worrisome to New York if trendsetter Goldman Sachs joined, Bloomberg noted.

JP Morgan Chase has also studied relocating to Florida. Last year, Bloomberg reported that  considered moving its headquarters to Florida but didn’t pull the trigger, in part due to the quality of schools in the area. However, CEO Jamie Dimon has praised Florida repeatedly, and wondered aloud in 2013 why the headquarters hasn’t been moved to Miami yet.

 

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Azarius
3 months ago

We need to invest more in our college system..Florida’s too big and populated to only have 3-4 universities that can really complete with the NE USA or Cali

Anonymous
3 months ago

That and public transportation.

Anonymous
3 months ago

Still Miami has better public transportation than Broward or Palm Beach.

Anonymous
3 months ago

It’s a pretty low bar

J.
3 months ago

Bigger ferris wheel.

Anonymous
3 months ago

… and it’s “ICONIC.”

Anonymous
3 months ago

Miami Dade college one of the bests in the nation.

Matthew
3 months ago

Florida is actually ranked number one in higher education by U.S. News and World Report. Not only is our higher education for the most part affordable, the schools ain’t that bad either. 6 universities in the state rank within the top 200 in the country and have consistently ranked lower (in a good way) year after year. These are UF, UM, FSU, USF, UCF, and even FIU. Two of these are in the Miami metro area, which is more than any other metro area in the state. If we continue to travel down the path at which we are taking there may a few other schools in the state to join them in the top 200 club, there are an additional 6 within the top 300. All it takes is time, these things don’t happen over night.

Azarius
3 months ago

That’s graded by affordability and graduation rate but when you look at higher education from a Research and investment stand point we suck! Our schools are broke compared to NE US and Cali. We are not producing top talent the way they are, and that’s jus facts

Azarius
3 months ago

As well look how colleges in NE US and Cali contributed to their cities growth… we don’t have that here in Fl. Ya UM UF FSU has done things for the cities they are in growth wise, but our colleges aren’t producing innovations like those other colleges. Look how long it’s taking for Fl Polytechnic to build they race course for research on self driving cars…it’ll be outdated by the time it’s built

Anonymous
3 months ago

You do realize FSU and FAMU have one of the largest mag labs in the nation, right? And you do realize that FSU is doing a lot of research with FDOT on autonomous vehicles, right?

Azarius
3 months ago

I do I’ve attended both schools. I’m not saying they aren’t doing anything, I’m say we as a state have so much more to do when it comes to using our college system to grow our communities. Need more investment to even try to compare .. that’s just fact

Anonymous
3 months ago

That will never happen because those municipalities don’t want to become urbanized, and without urban amenities (like a large airport that doesn’t cost an arm and a leg and require a connecting flight to get to literally any destination), good luck growing and investing in those communities.

Azarius
3 months ago

This is the list we want our colleges to rank high in! This is the benchmark! https://www.usnews.com/best-graduate-schools/top-medical-schools/most-research-money-rankings

Anonymous
3 months ago

Top 200 is nothing to brag about. UF, FSU, and UM are the only schools worthy of attracting talent. UF ranks 30 in all universities public and private, and UM ranks 49 and FSU ranks 58 for all universities. UF ranks 6 and FSU ranks 19 in all national public universities. The next highest after that is USF at 103 of both public and private schools, and ranks 46 in top public schools. Then UCF at 160 of all schools and 76 of public schools. Top 200 is weak for attracting Fortune 500 firms, and let me tell you, the kids going to the best schools in Florida, well, not all of them stay. Brain drain is real.

Azarius
3 months ago

Most of my colleagues have to move out of Florida to make a real salary $75k+

Anonymous
1 month ago

They don’t compare to the ivy league, which is the problem.

Dan
3 months ago

K-12 as well

Anonymous
3 months ago

We can’t attract these big companies to Miami unless we have world class public transportation. Not buses and not 10 different systems.

Cliche Town
3 months ago

Do Dallas and Houston have world class public transit? They’re the gold standards for corp. relocations.

Anonymous
3 months ago

ride ’em cowboy

Anonymous
3 months ago

Please stop comments like this as you are making to much sense.

Anonymous
3 months ago

Don’t worry – you’ll soon be able to take a people mover to a train to a people mover to a monorail to get from the airport to the beach!

I think our leaders should add another step to the process.

Anonymous
3 months ago

Bro not everyone is moving to the beach

Anonymous
3 months ago

He didn’t say that.. plus, he’s being a bit sarcastic. But even you must admit, the beaches do get many more visitors.

Anonymous
3 months ago

yes, you can take a metro mover, to a tri-rail, to a bus, to a brighline to another train. it will only take you a day to go 5 miles.

Anonymous
3 months ago

Yeah, but more so the lack of talent. They’d have to bring their employees with them. Unless their asset management team is relatively small, I doubt they make the move to SoFla. All of the hedge funds that have “relocated their headquarters to Miami” are at most 5 people firms. Doesn’t make sense to leave the agglomeration economy of NY just to save a few bucks.

Anonymous
3 months ago

If that Ferris Wheel doesn’t get them to move to Miami, nothing will.

Anonymous
3 months ago

Ferris wheel is seen in other cities, it’s not that special

Anonymous
3 months ago

Well maybe the iconic signature bridge will bring them.

Anonymous
3 months ago

What brain?

POLO
3 months ago

But we have a world class office tower U/C, 830 Brickell!

The builder
3 months ago

Miami isn’t about public transportation..it’s about fancy cars.. I’m sure those moving down earning 6 digits will get there Tesla’s.. public transportation with this virus forget it.. I’ve lived in NYC and barely ever got on the train.. always cabs and Uber..

Anonymous
3 months ago

Cars will soon be a thing of the past

Azarius
3 months ago

Ppl love personal mobile vehicles. Hate to be round ppl I don’t have to

Anonymous
3 months ago

No, but public transit will. Electric cars + autonomous driving + pandemic fallout + work from home will be its death knell.

Now get to work, bus drivers and urban planning geeks , and downvote this. That will change reality.

Azarius
3 months ago

There is a lot on money and influence moving into the Miami Dade area…we’ll see how this play out in the next 3-5 years

Anonymous
3 months ago

hopefully when these big companies come done we can finally get rid of the old guard politicians that have been in power down here. The poor decisions of these local cuban politicians will be the reason they dont relocated here (ie bad public transit, poor schools, poor roads, poor infrstructure, etc etc)

Anonymous
3 months ago

the schools aren’t poor we have single mothers who are failing their kids and the roads aren’t bad quality and of course you have to use the anti-cuban rant. You’re straight up hoping businesses sway elections.

Anonymous
3 months ago

you must live in an alternate reality. All you gotta do is walk around brickell and other major areas where major employers want to move to and see the major road repairs that need to be done for potholes. And what about the major flooding that happens and then the pumps the city spent millions on stop “working”. Its a clown show down here and if you look a large portion of local politicians are cuban and have run this city in the direction it currently it sits. Rather than building a rail system or expanding the metro rail they want more bus routes instead?

And what does a single mother have to do with poor education? Teachers down here get paid dirt to do their jobs, have no where near enough technology or supplies to properly function. Sure, there are a few nice schools but that is not the majority

Anonymous
3 months ago

Just a reminder transit has very little to do with the City, it’s a County issue. Additionally, we’ve had Republican (and Cuban) mayors in charge of Miami-Dade County from November 2004 to November 2020.

Anonymous
3 months ago

Who have not done shit but complain

Anonymous
3 months ago

Political party makes no difference when the “fresh young minds” (aka Democrat) people here seem to yearn for are pajama boys like Ken Russell who do even less.

Anonymous
3 months ago

“people here seem to yearn for are pajama boys”

Uh, what?

Anonymous
3 months ago

Last time I looked PR has a major part in the political system here

Anonymous
3 months ago

Yeah NYC is a beacon. Jaja

Charles E. Culpepper
3 months ago

I live in Miami; I have lived in Miami for 20 years. I have lived in San Diego, Chicago, Boston, Philadelphia, New Orleans, Houston, Providence, New York, Washington, D.C. and Denver. I have also lived in Guayaquil, Ecuador; Asuncion, Paraguay; Buenos Aires, Argentina; Brussels, Belgium; and Geneva, Switzerland. I have been to every capital city in South America and Central America. I have visited Toronto and Montreal. I spent four years in the U.S. Navy and went everywhere including Hong Kong, Shanghai, Manila and Bangkok. I have been to all the large cities in Europe. Many of these cities were beautiful, historic and interesting; however, Miami, for me, is by far the best city in the world to live on a day to day basis. If it not the best place in the world to live for you, I have a suggestion. Go to Miami international Airport (you can go anywhere from there).There are airplanes leaving all the time. Please take one, and get the hell out. If you decide to stay, do your part to make Miami better every day and don’t complain. Miami is not perfect, but its getting closer every day. It also bothers me when I hear someone make disparaging remarks about Miami’s Cubans. Before the Cubans came, most permanent residents came to Miami (and Miami Beach) from the northeast to die. Miami is now an international city and the Cubans can take credit for a great deal of the change.

Anonymous
3 months ago

A lot of us lived here over 20 years (myself included) and you have the audacity to tell US to leave? Let me tell you something, buddy, this city became the cesspool it is today because of the actions of local politicians over the last 15-20 years. We all know where that cohort of politicians are from, and it’s not Miami.

Anonymous
3 months ago

The cubans contribution in miami. Cuban sandwich, caffe con lecce, versailles, Joe Carollo.

Anonymous
3 months ago

Schools are an issue. The public school system is horrible except for a handful.

Anonymous
3 months ago

some people don’t want to move to Miami because they have to learn spanish a lot of people don’t speak english in this town and are not interested in learning. i don’t know why some stores hire some morons to work in customer service that don’t even know the numbers in english.

J.
3 months ago

Unless you are hanging in a bodega in Hialeah this really isn’t a problem. Let’s be real, most of the younger millennials and Gen-Z types will be moving into the urban core. I can go my whole day only speaking English and very rarely do I run into someone who doesn’t speak a lick of it.

Anonymous
3 months ago

Hialeah gets the bad rap from idiots like you but can’t buy an old house there for less the 350k

J.
3 months ago

Hialeah is a dump. You can put lipstick on a pig and it’s still a pig. It has decades to go before it catches up to being a desirable place to live like in Miami or Miami Beach.

Anonymous
3 months ago

That’s due to 3 generations of La Familia pooling together their incomes plus 4% mortgage rates inflating prices everywhere.

Anonymous
3 months ago

They don’t speak english but they vote for trump together with the fascists.

Anonymous
3 months ago

FECR should take advantage of the current situation and sign one of these big financial companies to a long term lease on their long delayed One Bayfront Park project.

Anonymous
3 months ago

“Goldman has been scouting for office space in areas north of Miami, including Fort Lauderdale and Palm Beach County, the report said.”

Azarius
3 months ago

Office space wise Miami would be more ideal

Anonymous
3 months ago

Miami needs to push the Innovation District a bit more

Anonymous
3 months ago

They’d end up choosing Palm Beach over Miami because ultra high net wealth individuals gravitate to Palm Beach. It’s a known fact that’s a preference of big earners in finance who want to come to South Florida.

Anonymous
3 months ago

Build your own building

Anonymous
3 months ago

if they are going to move to Miami they should move to Miami and not Ft. Lauderdale or Palm Beach. Young financial talent is not going to want to move here unless they can live in the urban core or Miami Beach. Only wealthier executives with families would prefer Ft. Lauderdale and Palm Beach.

Anonymous
3 months ago

“Only wealthier executives with families would prefer Ft. Lauderdale and Palm Beach”

…….or the employees that, you know, speak English

lets be real

Anonymous
3 months ago

On the contrary, I see it unique that a US city is bilingual. It’s nice to be able learn and practice a language that is spoken in the vast majority of countries in the Americas. Like it or not, Miami is a confluence point for travel, trade and culture for Latin America.

Anonymous
3 months ago

..and those not making their livings in Latin American trade and who aren’t Latin tend to get turned off by it, like it or not.

J.
3 months ago

Then why move to a city (and region) with such a high Latino population? It’s not exactly a secret that Miami is mostly Hispanic and has been for decades. Part of the reason the city has grown so fast and part of it’s allure is the Latin flair.

Anonymous
3 months ago

Move to sections of this large metro area that have lots of Americanos…Aventura, Pinecrets, Hollywood, Davie, Plantation, etc,….just like they do in Houston and Phoenix. It can be done.

Anonymous
3 months ago

So bilingual, you’re refused service at an ubiquitous Tex-Mex fast food chain because you can’t speak Spanish.

Azarius
3 months ago

I was in Walmart on coral way and had to find a younger employee in the store to translate because No One spoke English… That’s a problem!

Anonymous
3 months ago

Granted, however they won’t be moving to Westchester or Hialeah. Plenty of non Hispanics live in Miami Beach and Brickell/Downtown has its fair share of Yumas as well.

Azarius
3 months ago

True it’s hard to find a job if you don’t speak Spanish in Miami …it’s becoming a problem … and the education system isn’t helping

brickell
3 months ago

read the article, they are looking fort lauderdale to palm beach, miami is only getting the small offices of 5 to 10 singles guys wanting to party… period..

Anonymous
3 months ago

That.. sounds about right….

Anonymous
3 months ago

Fort Lauderdale and West Palm Beach, excluding retirement golf town Boca Raton, is considered metropolitan Miami and the Miami tri-County area.

Anonymous
3 months ago

No Boca’s in the mix too…and stop with that retirement golf town bullcrap already

Anonymous
3 months ago

Florida needs to invest a lot more into FIU honestly. UM is not accessible and doesn’t have the enrollment to make as much of an impact. It’s too small. Can you imagine the difference if FIU was on FSU’s or UF’s level of research and academics? We wouldn’t have a brain drain in Miami. We’d have a brain influx

Point is, FIU is one of if not the most important asset Miami has. Every important city in America has a top tier university in their vicinity. This means jobs and high paying salaries for that area not to mention all the companies that would want to attract people attending these institutions.

Anonymous
3 months ago

LOL, we found the Panther in the chat. FIU and UM are equally hard to get to. I’d probably argue FIU has worse traffic out west than UM does. FIU isn’t a bad school, but I don’t think it’s the most important asset Miami has. In regard to education, research, and talent, UM is the top dog down here.

Azarius
3 months ago

True but UM is top dog and FIU is so remote at least the metro goes to UM. But you’re correct most major cutie have a university downtown. The closes we have here is UM Jackson. Now FIU building on the school board property and making a downtown campus would be Brilliant!!!

Anonymous G
3 months ago

This would be HUGE!

Anonymous
3 months ago

you are getting me excited

Anonymous
3 months ago

I hope AOC, De-Blasio and along with the politicians in California see the result of their policies. At some point enough is enough. Just hope Miami leaders keep doing what they are doing!. ❤️ Miami.

Anonymous
3 months ago

Hello oko brickell

Anonymous
3 months ago

the Difference of a State run by the “Democrats” against a State run by Republicans

Anonymous
3 months ago

Miami is still in great shape thanks to the system of government.

Anonymous
3 months ago

Yeah.. a state run by Democrats are a bigger draw.

Anonymous
3 months ago

Yeah on the federal budget

Anonymous
3 months ago

It’s a fact that mostly all the poor states (which are mostly red) are ran by Republicons.

Anonymous
3 months ago

Yep, most of the poor states are RED STATES which means they get the most Federal help.

Anonymous
3 months ago

Cali was and still in major risk of bankruptcy. With the amount of taxes they strip from their residents you would think that their balance sheet would be healthier 🤷‍♂️

Anonymous
3 months ago

Miami Dade is huge and than you have west Broward and West Palm with just a short train ride by Brightline from Brickell Ave and downtown.

Anonymous
3 months ago

Somebody is confusing Broward and Palm Beach for Dade.

Goldman has been scouting for office space in areas north of Miami, including Fort Lauderdale and Palm Beach County, the report said.

Anonymous
3 months ago

Hahaha Bloomberg is on a tear today with the articles – pumping out all this fake wishful stuff…check back in a year. LMAO. You guys are too much for lapping up this stuff. They really like using you people down here to paint a narrative – they’re going to teach NYC a lesson, sure.

Calivalle
3 months ago

Build it and they will come… FIU will lend a hand….🙌💎🙌

The builder
3 months ago

Public transportation with the corona isn’t needed anymore.. the tech people will ride with there bicycles and or Uber.. why would a 100,000 a year get in a disgusting train… Miami downtown is getting better and better especially with 2 1000ft high risers on central Miami maybe another twin towers on brickell.. doral suburbs isn’t that bad either

Anonymous
3 months ago

There are not enough bike lanes for that to be safe and viable. Take it from someone who was hit by a car.

Anonymous
3 months ago

lol….the $100k/yr techies are rollin in their leased BMW SUV’s, not biking like some DUi offender riding to his McJob

Anonymous
3 months ago

They will not relocate to a city with no decent schools, no public transportation, no talent, no leadership.

Anonymous
3 months ago

two words: hookers and blow

Anonymous
3 months ago

Why if NY has plenty of that to go around? Maybe good governance and low taxes with year round sun are better motivators.

Shawn Kouri
3 months ago

New York City’s future is not looking good. Pretty soon all of wall street when I’ll be in Miami. Or unless these companies are opening up second locations.

Anonymous
3 months ago

Lots of companies are picking up new space in NYC too. NYC future looks great and so does Miami’s…perhaps these are expansions and not not relocations.

Anonymous
3 months ago

i’m expanding.

Anonymous
3 months ago

NYC will be alright. Let us not get ahead of ourselves. The Miami metro area has 8 Fortune 500 HQ’s. NYC has 71. Even compares to similar sized metros we underperform (Atlanta has 16, philly has 13, DC has 16).

Anonymous
3 months ago

people are fleeing NY city too much crime and homelessness.

Anonymous
3 months ago

I moved from NYC to Miami and then left because Miami is a HORRENDOUS city to live in. When people asked I said It was like living in Vegas without the perks of Vegas. Miami is a big city that doesn’t know HOW to be a big city. So glad I don’t live in MIA anymore

Anonymous
3 months ago

Any explanation on that?

Anonymous
3 months ago

Than why are you blogging on a Miami real estate site? You don’t live here and hate Miami that much, yet you read and blog on a local Miami journal.

Anonymous
3 months ago

yeah…Miami is just like a desert casino hundreds of miles inland. Oh boy, how can we get you back?

Anonymous
3 months ago

Have you even been to Miami ?

Anonymous
3 months ago

I hope they stay where they are. prices in Miami (real estate and everything else) are getting ridiculous. this won’t help.

Anonymous
3 months ago

Are you serious? Only in our dreams will allocate all these big firms in miami. Without exceptional education system, massive transportation and cultural hubs the young talents from north will refuse to move in a city with high corruption in local authorities. We look like failure South American country in their eyes.

Anonymous
3 months ago

You may get thumb down votes, but, you are right.

Anonymous
3 months ago

Brain drain is a huge problem here. I left Miami to LA for a 200k job that I would not have got in Miami (I do miss Miami alot). Remember, Jeff Bezos went to Palmetto High School. Amazon could have been our crown jewel.

Anonymous
3 months ago

are you single and looking? 🙂

Anonymous
3 months ago

200K in LA is like 100-120K in Mia considering the extra tax burden and higher living costs

Anonymous
3 months ago

and the homelessness

Anonymous
3 months ago

Right… But show me a job in Miami that makes even 80K?
I’ll wait…

Asian's From miami.
3 months ago

Exactly. 200k starting plus 10k raises yearly for what I do. At Miami I was looking at 75-80k. Granted, COL is higher, but I still end up taking home wayyy more than I would have. Miami is a better place to live though. The goal is to get experience and then nab one of those high paying jobs in Miami. Which we need more of if we want to retain the best and brightest of our city.

Anonymous
3 months ago

I personally know guys that made over $200K/yr THIRTY years ago in Miami (let alone now, when it isn’t all that big of an income), but I don’t give out personal references over blog boards so you’ll keep waiting.

Heck, I made around $100k last year here in Miami, and I’m no surgeon or corporate bigshot. You act like everyone here makes $8/hr.

Anonymous
3 months ago

New York is the hub of corruption. Yes we need better schools that focuses on financial curicular if we want to attract the financial industry. Also a better transportation system, but despite Miami’s multicultural population, it is way ahead of most South American countries. Please remember New York, Dallas, Houston, Atlanta and LA has its share of multicultural residents as well, probably much larger than Miami. Yet they’re able to attract major Corporations. Miami lacks leadership and needs to shed the party town image.

Anonymous
3 months ago

Agree, but also want to state every major city is a hub of corruption. Mo’ money, mo’ problems.

Anonymous
3 months ago

i can’t believe some people keep using the same worn out arguments to attack miami, calling it a third world city because it’s run by latinos. are latinos the only corrupt people in the world? you should take a look at cities like detroit,baltimore,cleveland,new orleans,seattle and portland just to mention a few .you should look at the ghettos in philadelphia and chicago they have collapsing buildings and huge piles of trash everywhere and are totally controlled by criminal gangs.Miami does have some poor neighborhoods but they are not abandoned or depressed like in many cities, miami keeps gaining population unlike many cities where people are fleeing. there is a national homeless crisis but in miami is not a major problem. some people want to make it look as if miami is the only city that has problems but the reality is that we are not doing as bad as a lot of cities

Anonymous
3 months ago

Interesting to pick on the cities with major Black populations…

Anonymous
3 months ago

Correlation does not mean causation, but where there is higher crime and corruption people are unlikely to want to call that place home.

Anonymous
3 months ago

I moved one year down to miami from ny. I love the architecture of the city, the vibe, the nature and i think have a great potential. But compare with ny the city and people remind me my country. First the policemen. They are joke compare with nypd. Nobody give a shit about them. The politicians looks like a characters of a mob movie. We like or not the city must be more multicultural. We need people from asia from india more europeans. I am latino but the orientation in South America don’t help the city to go forward.

Anonymous
3 months ago

Don’t worry the NYPD will be a shell of its former self due to BLM. In Miami at least we respect our first responders and don’t kowtow to the woke virtue signalers.

Anonymous
3 months ago

I agree and have lived here in Miami for 5 years. I previously lived in SF, NYC and DC

Anonymous
3 months ago

I see Doral or Miramar on their horizon

Anonymous
3 months ago

Not Doral or Miramar. The article clearly said Fort Lauderdale or Palm Beach area.

Anonymous
3 months ago

Miramar 🤮
Doral 🤮🤮