State Street executives told New York staffers they won’t be returning to the firm’s Midtown Manhattan offices
Executives at the Boston firm told New York staffers they won’t be returning to its Midtown Manhattan offices, according to people familiar with the matter. It expects to sublease the two offices near Rockefeller Center to other companies.
In May, State Street told New York staffers to prepare for the closure of their offices. More than 500 employees across the firm’s custody bank and money-management businesses will be affected, some of the people said.A pre-markets primer packed with news, trends and ideas. Plus, up-to-the-minute market data.State Street is giving New York-based employees the option to work in other offices in New Jersey and Stamford, Conn.
“We have taken a diligent look at our real-estate footprint in NYC,” spokesman Edward Patterson said. He added that the firm is “ensuring that our realty needs are in line with where our employees will be working.”Firms across business lines are questioning whether New York City’s costs, taxes and uncertain recovery from the pandemic make it worthwhile to maintain the same Manhattan office presence as before. In finance, some banks and other firms haveGoldman Sachs Group Inc.
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