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Goldman Sachs is setting its eyes on South Florida

Goldman Sachs Group, one of the most important multinational investment bank and financial services companies in America, which has headquarters in New York City, is considering relocating to blooming South Florida, possibly following other financial giants who have retreated from New York to explore new locations with an interesting investment projection in the upcoming years. 

Miami is, in fact, one of those promising sites where investors and leading companies in the United States are setting their eyes on to settle their operations and keep growing, even expanding their brand and revenues. One of the main reasons for this resolution is, according to Bloomberg, the lack of a state income tax, an attractive feature for Goldman Sachs and other wealthy companies and executives, which given the case, and if they open a home base in Florida, could take advantage of these appealing tax benefits, a large capital that could be invested in growing the business or taking it to a higher level. 

Another possible reason for this intention is the critical situation in terms of money for big companies in New York due to the COVID-19 pandemic, and some think Goldman Sachs’ “potential movement may become a political talking point, as New York City faces a budget shortfall because of the pandemic”; so any loss in taxes or income is sure to play an important role in the sustainability of the company and its employees for the coming decades. 

Besides, the COVID-19 pandemic has proofed that working is not a matter of having a stationary place to work, but actually the opposite: work can be done remotely more than ever before, without having to spend so much money on a costly office, and even more in an outrageously expensive place like in New York. 

The investment bank has been looking at potential office spaces in Palm Beach County and Fort Lauderdale for its asset management unit. It is said that the prospective office would include both investment professionals and back-office staff. However, it is not clear how much of the business might move to Florida. In a statement, Wall Street’s best-known firm said it is, “executing on the strategy of locating more jobs in high-value locations throughout the US, but we have no specific plans to announce at this time”, leaving a huge expectation for the next step the company will make.

The relationship between Goldman Sachs and Florida is not new: Earlier this year, Goldman Sachs managing director Douglas Sacks paid nearly $12 million for a very exclusive condo at Eighty Seven Park in Miami Beach, an astounding waterfront luxury tower with a unique design that is the perfect depiction of the world-class lifestyle in the South of Florida.

This daring move from Goldman Sachs, which generates about $8 billion in annual revenue, is key to analyze the impact on the financial migration to Florida, not only in the economic and profit-making aspect but also from a cultural and investment outlook, since the exodus of a number of major investment firms, which have opened offices or moved their headquarters to South Florida, marks a new era of opportunities for Miami and the State of Florida; a moment to stand out as one of the most relevant and significant locations in America, a sprouting terrain where the big company names and executives can find better features to grow their businesses and even enjoy better weather.

Another possible reason for this intention is the critical situation in terms of money for big companies in New York due to the COVID-19 pandemic, and some think Goldman Sachs’ “potential movement may become a political talking point, as New York City faces a budget shortfall because of the pandemic”; so any loss in taxes or income is sure to play an important role in the sustainability of the company and its employees for the coming decades. 

Besides, the COVID-19 pandemic has proofed that working is not a matter of having a stationary place to work, but actually the opposite: work can be done remotely more than ever before, without having to spend so much money on a costly office, and even more in an outrageously expensive place like in New York. 

The investment bank has been looking at potential office spaces in Palm Beach County and Fort Lauderdale for its asset management unit. It is said that the prospective office would include both investment professionals and back-office staff. However, it is not clear how much of the business might move to Florida. In a statement, Wall Street’s best-known firm said it is, “executing on the strategy of locating more jobs in high-value locations throughout the US, but we have no specific plans to announce at this time”, leaving a huge expectation for the next step the company will make.

The relationship between Goldman Sachs and Florida is not new: Earlier this year, Goldman Sachs managing director Douglas Sacks paid nearly $12 million for a very exclusive condo at Eighty Seven Park in Miami Beach, an astounding waterfront luxury tower with a unique design that is the perfect depiction of the world-class lifestyle in the South of Florida.

This daring move from Goldman Sachs, which generates about $8 billion in annual revenue, is key to analyze the impact on the financial migration to Florida, not only in the economic and profit-making aspect but also from a cultural and investment outlook, since the exodus of a number of major investment firms, which have opened offices or moved their headquarters to South Florida, marks a new era of opportunities for Miami and the State of Florida; a moment to stand out as one of the most relevant and significant locations in America, a sprouting terrain where the big company names and executives can find better features to grow their businesses and even enjoy better weather.

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