JPMorgan Chase Begins Escape From New York

New York City is like California: so extravagantly wealthy that the progressives who have taken it over believe they will never run out of other people’s money. But they will, because socialists always do. Some companies will be looted or hyperregulated into ruin. Others, realizing that you cannot do business indefinitely in a place run by leftists, will escape — like JPMorgan Chase is beginning to do:

Despite more than two centuries of history in a city synonymous with the global financial industry, JPMorgan is quietly shrinking its workforce there. The bank’s been building up its presence in other locations and is now considering relocating several thousand New York-based employees out of the area…

JPMorgan has already made plans to move hundreds of New York-based credit-risk jobs to Texas and to station some senior-level employees of the consumer bank there, according to people with knowledge of the matter.

This bank once bailed NYC out of a fiscal crisis. It might not be around to do it again.

Others have also soured on the Big Apple.

Goldman Sachs Group Inc. has built up operations in Salt Lake City, Deutsche Bank AG has expanded in Jacksonville, Florida, and AllianceBernstein Holding LP last year announced plans to move its corporate headquarters to Nashville, Tennessee.

JPMorgan Chase’s withdrawal is largely due to outlandish taxes and the cost of living in New York. It is also in part fallout from AOC’s triumphant scuttling of a new Amazon headquarters.

Executives had hoped Amazon’s arrival would lure more tech-savvy workers to the area, with JPMorgan planning to draw from the same pool to add to its 50,000 tech staffers…

Eventually everyone who generates wealth will be bled dry, strangled with red tape, or driven out. De Blasio will have to start taxing moonbattery, because that’s all that will be left.

On a tip from Sean C.

The post JPMorgan Chase Begins Escape From New York appeared first on Moonbattery.