Wall Street is becoming like Broadway, more of an idea than a true physical location, according to a recent article in Bloomberg.
According to the article, “it’s been years since most big-name financial firms were housed in Manhattan’s Financial District. Deutsche Bank AG announced its departure this month. Starting in the 1970s, some migrated to Midtown. Now, many are on the move again, this time to Hudson Yards.”
“Companies, including KKR & Co., BlackRock Inc. and Wells Fargo & Co., have plans to relocate. Many of the corporate transplants are moving out of Midtown, specifically the Plaza District, known for its Central Park views and money-is-no-object offices perched high above luxury stores like Tiffany and Prada. Their new home is built atop and around a rail yard and boasts high-rise towers with views of the Empire State Building to the east.”
The cost of real estate is certainly a factor, but another one might be that the digital revolution over the last several decades means that Wall Street firms do not need to be in close physical proximity.
Certainly the “idea” of Wall Street isn’t going anywhere. Did you know that it was most likely named for an actual wall built by Dutch settlers?
Great movie, too.