New York City has seen an exodus of banks’ back-office workers this year — and can expect to see even more shedding in 2019 — as weaker regulatory oversight has encouraged big deals and boosted profits to all-time highs.
Wall Street, which made a record $62 billion in profit last quarter, is hiring less-experienced compliance officers and back-office employees in places like Buffalo, NY, Salt Lake City and even Poland, as banks shed costs and keep rule-followers out of the hair of the pin-stripe-suit set…
It’s unclear how many people have been displaced, but automation and high costs of working in New York are expected to drive out even more next year, according to a report from Johnson Associates.
“People are looking harder than ever [at cheaper areas] — particularly with tax-law changes. It’s just kind of dumb to be here,” said Alan Johnson, chief executive of Johnson Associates.
New York Post / November 22, 2018