Goldman Sachs Goes All-In on Florida as Wall Street South
The bank reportedly plans to move traders and senior executives to West Palm Beach in what would be a big shift for the financial industry.
A different kind of skyline.
Photographer: Marco Bello/Bloomberg
Goldman Sachs Group Inc. seems determined to make clear that Florida isn’t just a passing pandemic fad for the financial industry.
The bank, which is practically synonymous with Wall Street, made waves late last year with plans to move part of its asset-management unit to South Florida. I noted at the time that the decision didn’t signal that the core of Goldman was fleeing for a warmer, lower-tax region. After all, investors don’t necessarily need the turbocharged, cutthroat environment that defines traders and investment bankers, making asset management a natural division to spread across cheaper regions.