Relocations of Financial Firms During Pandemic
Our Privacy Policy has been updated! The Conference Board uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. Detailed information on the use of cookies on this site is provided in our cookie policy. For more information on how The Conference Board collects and uses personal data, please visit our privacy policy. By continuing to use this Site or by clicking "OK", you acknowledge our privacy policy and consent to the use of cookies.  Our Privacy Policy has been updated! Detailed information on the use of cookies on this site is provided in our cookie policy and our privacy policy. 
TCB Tourch
Loading...
  • logoImage
  •  
    • US
    • EUROPE
    • ASIA

  • 2

    Close
    • Insights
        • Insights
        • Explore by Center
          • Explore by Center

          • CED
            Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications
        • Explore by Content Type
          • Explore by Content Type

          • Reports

          • Upcoming Webcasts

          • On Demand Webcasts

          • Podcasts

          • Charts & Infographics
        • Trending Topics
          • Trending Topics

          • Artificial Intelligence (AI)

          • Navigating Washington

          • Geopolitics

          • US Economic Forecast

          • Sustainability

          • Future of Work
    • Events
        • Events
        • Upcoming Events
          • Upcoming Events

          • Corporate Responsibility Awards Dinner

          • 2025 Corporate Responsibility Summit

          • 25th Annual Employee Health Care Conference - San Diego

          • People First: Strategic Transformation

          • People First: Opportunity and Access

          • CHRO Summit: Navigating through a Tsunami of Change

          • Explore all Upcoming Events

        • Member-Exclusive Programs
          • Member-Exclusive Programs

          • Center Briefings

          • Experts Live

          • Roundtables

          • Working Groups

          • Expert Briefings

    • Data
        • Data

        • Consumer Confidence Index

        • Data Central

        • TCB Benchmarking

        • Employment Trends Index

        • Global Economic Outlook

        • Leading Economic Indicators

        • Help Wanted OnLine

        • Labor Markets

        • Measure of CEO Confidence

        • Human Capital Benchmarking &
          Data Analytics

        • CMO+CCO Meter Dashboard

    • Centers
        • Centers
        • Our Centers
          • Our Centers

          • Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications
        • Center Membership
          • Center Membership

          • What Is a Center?

          • Benefits of Center Membership

          • Join a Center

    • Councils
        • Councils
        • Find a Council
          • Find a Council

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications
        • Council Membership
          • Council Membership

          • What is a Council?

          • Benefits of Council Membership

          • Apply to a Council

    • Membership
        • Membership
        • Why Become a Member?
          • Why Become a Member?

          • Benefits of Membership

          • Check if Your Organization is a Member

          • Speak to a Membership Associate
        • Types of Membership
          • Types of Membership

          • Council

          • Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

          • Insights

        • Already a Member?
          • Already a Member?

          • Sign In to myTCB®

          • Executive Communities

          • Member-Exclusive Programs

    • About Us
        • About Us
        • Who We Are
          • Who We Are

          • About Us

          • In the News

          • Press Releases

          • Our History

          • Support Our Work

          • Locations

          • Contact Us

        • Our Community
          • Our Community

          • Our Leadership

          • Our Experts

          • Trustees

          • Voting Members

          • Global Counsellors

          • Careers

          • This Week @ TCB

    • Careers
    • This Week @ TCB
    • Sign In to myTCB®
      • US
      • EUROPE
      • ASIA
    • Insights
      • Insights
      • Explore by Center
        • Explore by Center

        • CED
          Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Explore by Content Type
        • Explore by Content Type

        • Reports

        • Upcoming Webcasts

        • On Demand Webcasts

        • Podcasts

        • Charts & Infographics

      • Trending Topics
        • Trending Topics

        • Artificial Intelligence (AI)

        • Navigating Washington

        • Geopolitics

        • US Economic Forecast

        • Sustainability

        • Future of Work

    • Events
      • Events
      • Upcoming Events
        • Upcoming Events

        • Corporate Responsibility Awards Dinner

        • 2025 Corporate Responsibility Summit

        • 25th Annual Employee Health Care Conference - San Diego

        • People First: Strategic Transformation

        • People First: Opportunity and Access

        • CHRO Summit: Navigating through a Tsunami of Change

        • Explore all Upcoming Events

      • Member-Exclusive Programs
        • Member-Exclusive Programs

        • Center Briefings

        • Experts Live

        • Roundtables

        • Working Groups

        • Expert Briefings

    • Data
      • Data

      • Consumer Confidence Index

      • Data Central

      • TCB Benchmarking

      • Employment Trends Index

      • Global Economic Outlook

      • Leading Economic Indicators

      • Help Wanted OnLine

      • Labor Markets

      • Measure of CEO Confidence

      • Human Capital Benchmarking & Data Analytics

      • CMO+CCO Meter Dashboard
    • Centers
      • Centers
      • Our Centers
        • Our Centers

        • Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Center Membership
        • Center Membership

        • What is a Center?

        • Benefits of Center Membership

        • Join a Center

    • Councils
      • Councils
      • Find a Council
        • Find a Council

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications
      • Council Membership
        • Council Membership

        • What is a Council?

        • Benefits of Council Membership

        • Apply to a Council

    • Membership
      • Membership
      • Why Become a Member?
        • Why Become a Member?

        • Benefits of Membership

        • Check if Your Organization is a Member

        • Speak to a Membership Associate

      • Types of Membership
        • Types of Membership

        • Council

        • Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

        • Insights

      • Already a Member?
        • Already a Member?

        • Sign In to myTCB®

        • Executive Communities

        • Member-Exclusive Programs
    • About Us
      • About Us
      • Who We Are
        • Who We Are

        • About Us

        • In the News

        • Press Releases

        • This Week @ TCB

        • Our History

        • Support Our Work

        • Locations

        • Contact Us

      • Our Community
        • Our Community

        • Our Leadership

        • Our Experts

        • Trustees

        • Voting Members

        • Global Counsellors

        • Careers

        • This Week @ TCB

    • Careers
    • Sign In to myTCB®
    • Download TCB Insights App
  • Insights
    Insights

    Our research and analysis have helped the world's leading companies navigate challenges and seize opportunities for over 100 years.

    Explore All Research

    Economic Indicators

    • Explore by Center
    • CED
      Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    • Explore by Content Type
    • Reports
    • Upcoming Webcasts
    • On Demand Webcasts
    • Podcasts
    • Charts & Infographics
    • Trending Topics
    • Artificial Intelligence (AI)
    • Navigating Washington
    • Geopolitics
    • US Economic Forecast
    • Sustainability
    • Future of Work
  • Events
    Events

    Our in-person and virtual events offer unmatched opportunities for professional development, featuring top experts and practitioners.

    See Everything Happening This Week

    Sponsor a Program

    • Upcoming Events

      • Corporate Responsibility Awards Dinner

      April 23, 2025

      2025 Corporate Responsibility Summit

      April 24 - 25, 2025

      25th Annual Employee Health Care Conference - San Diego

      May 01 - 02, 2025

    •  

      • People First: Strategic Transformation

      May 15 - 16, 2025

      People First: Opportunity and Access

      June 12 - 13, 2025

      CHRO Summit: Navigating through a Tsunami of Change

      June 24, 2025

    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
    • Explore by Type
    • Events
    • Webcasts
    • Podcasts
    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
  • Data
    Corporate Disclosure Data

    TCB Benchmarking

    Real-time data & analytical tools to benchmark your governance, compensation, environmental, human capital management (HCM) and social practices against US public companies.

    Economic Data

    Consumer Confidence Index

    US consumers' thoughts on the economy, jobs, finances and more

    Data Central

    One-stop, member-exclusive portal for the entire suite of indicators

    Labor Markets

    Covering all aspects of labor markets, from monthly development to long-term trends

    Measure of CEO Confidence

    Examines the health of the US economy from the perspective of CEOs

     

    Employment Trends Index

    Monthly, forward-looking composite of eight proven labor-market indicators

    Global Economic Outlook

    Track the latest short-, medium-, and long-term growth outlooks for 77 economies

    Leading Economic Indicators

    Track the state of the business cycle for 12 global economies across Asia and Europe

    Help Wanted OnLine

    Track the status of job markets across the US through online job listings

    Other Featured Data

    Human Capital Analytics Tools

    Tools to understand human capital management and corporate performance

    CMO+CCO Meter Dashboard

    Tracks the impact, resources, and satisfaction of CMOs and CCOs

  • Centers
    Centers

    Centers offer access to world-class experts, research, events, and senior executive communities.

    Our Centers
    • Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    Center Membership
    • What Is a Center?
    • Benefits of Center Membership
    • Join a Center
  • Councils
    Councils

    Councils are invitation-only, peer-led communities of senior executives that come together to exchange knowledge, accelerate career development, and advance their function.

    Find a Council
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    Council Membership
    • What Is a Council?
    • Benefits of Council Membership
    • Apply to a Council
  • Membership
    Membership

    Membership in The Conference Board arms your team with an arsenal of knowledge, networks, and expertise that's unmatched in scope and depth.

    • Why Become a Member?
    • Benefits of Membership
    • Check if Your Organization is a Member
    • Speak to a Membership Associate
    • Types of Membership
    • Council
    • Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    • Insights
    • Already a Member?
    • Sign in to myTCB®
    • Executive Communities
    • Member-Exclusive Programs
  • About Us
    About Us

    The Conference Board is the global, nonprofit think tank and business membership organization that delivers Trusted Insights for What's Ahead®. For over 100 years, our cutting-edge research, data, events and executive networks have helped the world's leading companies understand the present and shape the future.

    Learn more about Membership

    • Who We Are
    • About Us
    • In the News
    • Press Releases
    • Our History
    • Support Our Work
    • Locations
    • Contact Us
    • Our Community
    • Our Leadership
    • Our Experts
    • Trustees
    • Voting Members
    • Careers
    • This Week @ TCB
Check if You're a Member
Create Account
Forgot Your Password?

Members of The Conference Board get exclusive access to the full range of products and services that deliver Trusted Insights for What's Ahead ® including webcasts, publications, data and analysis, plus discounts to conferences and events.

Policy Backgrounders

CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.

  • Email
  • Linkedin
  • Facebook
  • Twitter
  • Copy Link

Relocations of Financial Firms During Pandemic


August 22, 2023 | Article

Copy Link
Share
  • Email
  • Facebook
  • LinkedIn
  • Twitter
  • Copy Link Copy Link

A new Bloomberg report finds that relocations of investment firms have moved $1 trillion in AUM out of New York and California since 2019, with the majority moving to Sun Belt states motivated primarily by a desire for lower taxes, lower cost of living, and warmer weather.

  • New York lost the headquarters of 158 investment firms, while Florida was the largest recipient with 104 headquarters and 56 coming from New York. Additionally, the creation or expansion of secondary offices outside of higher-cost cities presents a longer-term risk of continued outflows of high-income workers.
  • The economic impact on New York to-date appears less severe than anticipated, with employment in financial services recovering to pre-pandemic levels and tax revenues generally remaining strong through the pandemic.
  • Yet, challenges remain if growth in Sun Belt hubs continues to outpace that of New York and similar regions, particularly as uncertain demand for office real estate poses looming economic and fiscal risks.

AUTHORS

Dr. Lori Esposito Murray

Dr. Lori Esposito Murray

Senior Fellow for National Security & Managing Director of CEO Programs
Council on Foreign Relations

MitchellBarnes

Mitchell Barnes

Economist
The Conference Board

  • DOWNLOAD ARTICLE
    Complimentary.

Copy Link
Share
  • Email
  • Facebook
  • LinkedIn
  • Twitter
  • Copy Link Copy Link

More From This Series

Article

Congress Agrees to Budget Resolution to Unlock Reconciliation

April 16, 2025

Article

Showerheads—and the Future of Regulation

April 16, 2025

Article

US Tariff Shift: Key Implications and Considerations

April 11, 2025

Article

US Spring Plantings Respond to Tariffs and Geopolitical Risk

April 09, 2025

Article

Attempt to Shift Power: Changes to Federal Election Administration

April 04, 2025

Article

CBO View: Tax Bill, Debt Ceiling, and Long-Term Projections

April 03, 2025

View Less View More

Charts

Preliminary November PMIs show no change in DM growth momentum

Preliminary PMI indices show no change in weak DM growth momentum in November

LEARN MORE Yellow and white frame illustration

Charts

Job Loss Risk Index

Members of The Conference Board can access all underlying data of the Job Loss Risk Index by Industry in this Excel workbook.

LEARN MORE Yellow and white frame illustration

Charts

Global Recession Map

Global Recession map

LEARN MORE Yellow and white frame illustration

Charts

How high will unemployment go? The US unemployment rate forecast

While a US recession appears to be imminent, it will not look like any other in recent history.

LEARN MORE Yellow and white frame illustration

Charts

Political and government stability top of mind for US CEOs

CEOs’ views of current and future economic conditions remain pessimistic as they prepare for near-inevitable US and EU recessions.

LEARN MORE Yellow and white frame illustration

Charts

Risks to US outlook are tilted to the downside

The US economy appears to be on the precipice of recession.

LEARN MORE Yellow and white frame illustration

Charts

US CEOs say they are preparing for a brief and shallow recession

Measure of CEO Confidence declined for the fifth consecutive quarter in Q3 2022 and has hit lows not seen since the start of the COVID-19 pandemic in 2020.

LEARN MORE Yellow and white frame illustration

Charts

LEI signals US on cusp of recession

LEI Signals US on Cusp of Recession

LEARN MORE Yellow and white frame illustration

Publications

Economy Watch: European View (May 2024)

Economy Watch: European View (May 2024)

May 21, 2024 | Article

Economy Watch: US View (May 2024)

Economy Watch: US View (May 2024)

May 21, 2024 | Article

The Administration’s FY25 Revenue Proposals

The Administration’s FY25 Revenue Proposals

May 02, 2024 | Article

US Consumers Souring on High-Tech Goods but Sweet on High-Tech Services

US Consumers Souring on High-Tech Goods but Sweet on High-Tech Services

April 30, 2024 | Report

Growth Above Expectation in Q1 but Slowing in March

Growth Above Expectation in Q1 but Slowing in March

April 30, 2024 | Report

National Security Supplemental Funding

National Security Supplemental Funding

April 25, 2024 | Article

View Less View More

Webcasts, Podcasts and Videos

C-Suite Perspectives

Can Social Security Be Reformed?

April 01, 2024

Window on China: Outlook for 2024

January 25, 2024 09:00 AM CET (Brussels), 04:00 PM SGT (Singapore)

C-Suite Perspectives

The State of the Global Economy for September 2023

September 26, 2023

C-Suite Perspectives

How an Expansion of BRICS Could Change Global Business

September 18, 2023

China's evolving data security regulatory framework

China's evolving data security regulatory framework

September 14, 2023 03:00 AM ET (New York), 09:00 AM CET (Brussels), 03:00 PM SGT (Singapore)

C-Suite Perspectives

Is Hybrid Work Here to Stay?

September 05, 2023

View Less View More

Press Releases / In the News

PRESS RELEASE

US Leading Economic Index® (LEI) Fell in March

April 18, 2024

PRESS RELEASE

US Consumer Confidence Little Changed in March

March 26, 2024

PRESS RELEASE

US Leading Economic Index® (LEI) Inched Up in February

March 21, 2024

PRESS RELEASE

US Consumer Confidence Retreated in February

February 27, 2024

PRESS RELEASE

US Leading Economic Index® (LEI) Fell Further in January

February 20, 2024

PRESS RELEASE

CEO Confidence Improved in Q1 2024

February 08, 2024

View Less View More
  • Tags
  • Global Recession - Policy
  • Navigating the Economic Storm
  • GeoEconomics
  • Renewing Cities: NYC as a Model
  • Workforce
EVENT PORTAL

Forgot Password | Resend account confirmation

Conference Board Sample Web Chat
chatbot-Icon TCB Logo
chatbot-Icon
Navigating Washington - Sign up to receive the latest business insights related to executive orders, new laws, and changing regulations.
ABOUT US
  • Who We Are
  • Annual Report
  • Our History
  • Our Experts
  • Our Leadership
  • In the News
  • Press Releases
MEMBERSHIP
  • Become a Member
  • Sign In to myTCB®
  • Access Experts
  • Member-Only Events
  • Data & Benchmarking
  • Manage Account
EXPLORE
  • Centers
  • Councils
  • Latest Research
  • Events
  • Webcasts
  • Podcasts
  • This Week @ TCB
CONTACT US
  • Americas
    +1 212 759 0900
    customer.service@tcb.org
  • Europe/Africa/Middle East
    +32 2 675 5405
    brussels@tcb.org
  • Asia
    Hong Kong | +852 2804 1000
    Singapore | +65 8298 3403
    service.ap@tcb.org
CAREERS
  • See Open Positions
Terms Of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.
Terms of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all data from The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.

Thank you for signing up. You will now receive CEO Insights for What's Ahead every Wednesday morning. You can unsubscribe at any time or manage your preferences to receive more content from The Conference Board.

Announcing The Conference Board AI Virtual Conference Series

Explore the Impact of AI on Your Business

Members receive complimentary registration - Learn more >>

SORT BY

  • Newest First
  • Oldest First