New York City and its financial community have had a long-standing symbiotic relationship. Many of the world’s great financial institutions have been headquartered here, giving NYC the distinction of being the world’s financial center. But rapid technological change is threatening that designation.
A recent New York Times article titled “How Big Tech is Turning New York into a Silicon Valley Rival” proclaimed the coming of a golden age of tech jobs in New York City. The four tech platform giants – Amazon, Apple, Google and Facebook – are gearing up to collectively employ 20,000 tech workers, notwithstanding what would have been an additional 25,000 workers from Amazon’s headquarter loss.
The major tech firms are expected to grow to the point that they are among the largest private tenants in New York. According to Bloomberg, JPMorgan has long been the largest employer in the New York metro area. But big banks and money managers have long been moving employees out of New York to cheaper U.S. cities.
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