A huge price tag has been assigned to the cost of the exodus of financial firms from New York and California during the past three years, at least in terms of the value of the assets they manage.
According to a new study from Bloomberg News—which says it has reviewed corporate filings from more than 17,000 firms since the end of 2019—NY and CA each have lost firms that managed assets encompassing $1 trillion.
The financial sector exodus also has translated into the loss of thousands of high-wage jobs, valuable tenants for commercial property markets and much-needed tax revenue, the report said.
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