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The financial heavyweight reportedly has plans to set up one of its key divisions in Florida, dealing a financial blow to New York as it continues contending and combating the COVID-19 pandemic.
According to reports, executives have been eyeing locations in south Florida to potentially house their asset management division in an effort to cut costs and save money by getting out of the Empire State.
It is unclear how much of the business, which generates billions in New York, may move.
“With all due respect to Florida, no place can compare to New York City’s concentration of talent, education, innovation, and next-generation technology,” Bill Neidhardt, press secretary to New York Mayor Bill de Blasio said to Bloomberg, which first reported the story. “The city continues to see new expansions and investments from the leading industries and we expect more to come.”
New York was hit particularly hard by the pandemic, with reports saying that businesses have not been hit this hard since the September 11, 2001 terrorist attacks, with office space available en masse.
Goldman Sachs has been a New York City icon for more than a century after it was founded in 1869 by Marcus Goldman, who was later joined by his son-in-law Samuel Sachs.
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