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Morgan Stanley looks to move jobs to cheaper cities in bid to cut costs
Yahoo! Finance ^ | January 19, 2016 | Olivia Oran, Reuters

Posted on 01/29/2016 4:34:18 AM PST by 2ndDivisionVet

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1 posted on 01/29/2016 4:34:18 AM PST by 2ndDivisionVet
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To: 2ndDivisionVet

Gee, I guess they couldn’t find a low cost area in the USA. It insults the intelligence......


2 posted on 01/29/2016 4:37:22 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: 2ndDivisionVet

It amazes me that the banker/investment idiots are so addicted to New York City, and the government guys are so addicted to Washington DC.

They could all cut fifty percent of their costs by moving out to cities like Charleston, Nashville, or Boise.


3 posted on 01/29/2016 4:40:38 AM PST by pepsionice
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To: central_va
Read the article, dude.

Goldman has also been moving thousands of jobs to cheaper cities like Salt Lake City, Utah and Dallas over the last several years.

I never knew Salt Lake City and Dallas were in China.

4 posted on 01/29/2016 4:41:31 AM PST by Alberta's Child (My mama said: "To get things done, you'd better not mess with Major Tom.")
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To: 2ndDivisionVet

Nothing says ‘highly trustworthy lender’ like basing operations in a city/country where doing one’s business on the sidewalk is an accepted practice.


5 posted on 01/29/2016 4:42:52 AM PST by relictele (Principiis obsta & Finem respice - Resist The Beginnings & Consider The Ends)
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To: pepsionice

That happened for a while, but it was driven partly by favorable banking regulations in some states. Delaware was always a place where banks wanted to locate their headquarters. Citibank had a big presence in Sioux Falls, South Dakota for a long time — and maybe it still does.


6 posted on 01/29/2016 4:43:15 AM PST by Alberta's Child (My mama said: "To get things done, you'd better not mess with Major Tom.")
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To: Alberta's Child
Morgan Stanley (MS.N) will be straying ever further from its Wall Street roots in the coming months as it shifts more operations to lower cost cities like Mumbai and Budapest as it aims to slash costs.

In case you are sight impared.

7 posted on 01/29/2016 4:43:20 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: relictele

...on the other hand, NYC just gave legal assent to the same practice!


8 posted on 01/29/2016 4:43:29 AM PST by relictele (Principiis obsta & Finem respice - Resist The Beginnings & Consider The Ends)
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To: 2ndDivisionVet

And yet the executive staffs of Morgan Stanley and Goldman Sachs are going to support Hillary Clinton for president. The Dems will push for a $20.00 minimum wage and other crazy regulations that make it too expensive to do business in New York and the US, and Morgan Stanley and Goldman Sachs will move more jobs overseas. Its insanity.


9 posted on 01/29/2016 4:44:20 AM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: pepsionice

How America’s Dullest City Got Cool
http://www.freerepublic.com/focus/f-bloggers/3387606/posts


10 posted on 01/29/2016 4:46:41 AM PST by 2ndDivisionVet (TED CRUZ 2016)
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To: Opinionated Blowhard
Nobody, I mean nobody working in NYC financial district makes minimum wage. Even the janitors at M-S make 6 figures.

They could move to NC and do quite well. But the anti American sentiment in this country is strong. Could it be that most Corps are run by stateless Ivy League liberals?

11 posted on 01/29/2016 4:47:41 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: relictele

Why not have strict liability for this?

When it goes wrong, clients get treble damages because obviously these banks are grossly negligent


12 posted on 01/29/2016 4:54:47 AM PST by fooman (Get real with Kim Jung Mentally Ill about proliferation)
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To: relictele

New York City is now one of those cities.

Don’t Be Racist - NYC Okays “Pee In Place” Public Sidewalk Urination
http://www.freerepublic.com/focus/f-news/3388477/posts


13 posted on 01/29/2016 4:55:42 AM PST by FreedomPoster (Islam delenda est)
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To: 2ndDivisionVet

Yep, bring them here to Iowa.
We already have a strong financial services base and many other positives here.


14 posted on 01/29/2016 5:21:49 AM PST by HereInTheHeartland
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To: central_va

Many companies, like Credit Suisse with the Raleigh office, have tried that. They have found that while these areas are low-cost, they can’t find the qualified employees they need there. They try recruiting on the national market, but the skilled guys don’t want to take a pay cut to move there, even if the cost of living is lower.


15 posted on 01/29/2016 5:29:28 AM PST by proxy_user
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To: proxy_user
They have found that while these areas are low-cost, they can't find the qualified employees they need there at the price they were willing to pay

They could have got people to move there at the right price. Don't BS me. It is called supply and demand. I am not tolerating any offshoring excuses. Screw them all. You want socialism? If corporate America, our supposed friends on the right, have their way we will get there a lot sooner with them leading the way than any democratic congress.

16 posted on 01/29/2016 5:35:03 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: proxy_user
It really depends on how fussy they are. Your observations are right if they insist on people with Ivy League pedigrees.

Much less so if they are willing to take people from places like Penn State, Northwestern or Brigham Young.

There are scores of top ranked finance people in places like Wilmington (Delaware), Salt Lake City, Houston and Sioux Falls.

Even our local market of Pittsburgh has its fair share, but again not too many Ivy League types, who turn up their nose at a provincial fly-over town like ours, even though we also have some of the top-ranked universities in the country, including Carnegie-Mellon and University of Pittsburgh.

Another funny thing about the Pittsburgh market is that even with all the big name banks here (PNC, Dollar Bank, Mellon, Citizens) the market is still underserved because they don't care to write loans to locals unless (a)their loans are jumbo sized or (b)their credit is near perfect. So one of the biggest mortgage loan writers is Flagstar Bank, which moved in from Michigan just to write the loans which the locals pass on.

17 posted on 01/29/2016 5:42:06 AM PST by Vigilanteman (ObaMao: Fake America, Fake Messiah, Fake Black man. How many fakes can you fit into one Zer0?)
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To: central_va

No. a lot of people here attacked me for cursing things like this.

i’m not a capitalist, nor am i a conservative, probably not even a republican. most likely a troll.

get the @#$ out of here. this isn’t capitalism.

do you think Hamilton thought to himself “gee, i hope one day American businesses can ship all their jobs overseas. then my dream will have been accomplished.

I REFUSE to talk with Indians anymore. I make them move further up the ladder until i am on the phone with an American.

their english SUCKS and i am SICK of explaining myself ten times.

and when they tried to send my graphics department to these morons they were so utterly terrible that it closed in two years.

sadly, most are still open as management doesn’t care about quality, just bottom line. so investment bankers spend an extra 30 hours a week trying to figure out advanced powerpoint, photoshop, illustrator, etc, instead of spending those 30 hours bringing in new business.

shrewd.


18 posted on 01/29/2016 5:54:25 AM PST by dp0622
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To: dp0622

Perhaps if there weren’t so many “mandatory” benefits companies have to provide. Why would I pay $60 an hour when I can get 4 less-qualified people for a total of $20 a hour. Even if it takes 4 to amount to 1 American’s quality/quantity, I save $40 an hour- no-brainer from a business perspective.


19 posted on 01/29/2016 5:57:41 AM PST by TexasGunLover ("Either you're with us or you're with the terrorists."-- President George W. Bush)
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To: dp0622

You are the best kind of Conservative because you put America interests first, ahead of corporate profits. You are also Nationalist and that is a compliment.


20 posted on 01/29/2016 5:59:32 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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