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NEAR-SHORING

Investment Houses Ditch Wall Street

Jacksonville is the new New York.

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Forget Wall Street. Cities like Jacksonville, Fla., and Salt Lake City are where the new finance jobs are these days. To save money, some of New York’s and London’s biggest investment houses are outsourcing jobs, not overseas but to smaller cities in the U.S. where lower salaries go further than they would in the expensive financial hubs. It’s called “near-shoring” and it’s a trend, but not everyone is loving it. While it may make sense for businesses as a whole to shift their operations to less costly cities, uprooting to such places after building a life in New York is a tough sell for some longtime employees.

Read it at The New York Times

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