It is sad to say but New York, a city born of commerce (like all the best cities) doesn’t appreciate markets and entrepreneurialism like it should. It’s hard to do business there. Too hard for some.
My great-grandfather founded a marine insurance company in the city. But that was another time.
AllianceBernstein Holding LP is moving its corporate headquarters and about 1,050 jobs to Nashville, Tennessee, the company said in a filing Wednesday, concluding a months-long search that evaluated cities on attributes including housing, cost of living, education and weather.
While some of the firm’s traditional Wall Street functions — including portfolio management, sell-side research and trading, and private wealth management — will stay in New York, workers from finance, legal, sales and marketing teams, among other functions, will start relocating this year. AllianceBernstein Chief Executive Officer Seth Bernstein will join them in Nashville in 2020, according to an internal memo.
“I see Nashville as a game-changer for AB in terms of our ability to source, develop and retain talent, provide a high quality of life for our employees, increase our competitive edge in an increasingly challenging marketplace,” Bernstein said in the memo.
This is a trend that is just gathering steam now. Why should a business stay and suffer the unceasing BS one must suffer in places like New York, Chicago, or California? At some point it just doesn’t make sense no matter how good the restaurants are.