A wave of high-profile financial companies has accelerated its departure from New York in 2026, citing soaring taxes, burdensome regulations, and a shifting political climate under Mayor Zohran Mamdani as key drivers behind an ongoing business exodus to Sun Belt states like Florida and Texas.
According to corporate announcements and industry reports, at least 10 major firms have relocated headquarters, established substantial new operations outside New York, or significantly downsized their city footprint this year. The trend, building for years, has intensified following Mamdani’s election and inauguration. IRS data showed 892 companies left New York between 2020 and 2024, taking $47 billion in income with them, with Florida capturing 341 of those moves.
Goldman Sachs is building an 800,000-square-foot, $500 million campus in Dallas set to open in 2028, consolidating more than 5,000 employees. The investment bank now employs thousands more in Texas than in New York in certain counts. JPMorgan Chase, despite opening a $3 billion Park Avenue headquarters, now employs 31,000 workers in Texas versus 24,000 in New York, highlighting how even Wall Street titans are spreading operations to lower-tax states.
Hedge fund Elliott Management has relocated significant operations to Florida as part of the “Wall Street South” migration, joined by Citadel, Point72, and Millennium, which have all expanded aggressively in the Sunshine State. Apollo Global Management, the $900 billion asset manager long headquartered in Manhattan, is establishing a second U.S. headquarters in the Sun Belt — with Austin, Miami, or Nashville on its shortlist. Officials indicated most future growth would occur at the new location rather than New York.
Wells Fargo announced in early 2026 that it was moving its wealth and investment management division to West Palm Beach, Florida, becoming the first major U.S. bank to base that business there. Palm Beach County has attracted over 250 financial firms or expansions in recent years, marketing itself heavily as “Wall Street South.” AllianceBernstein and Charles Schwab have also shifted key functions and personnel out of New York.
Dallas Mayor Eric Johnson predicted a “flood” of finance firms leaving New York if Mamdani’s proposed tax hikes take hold. “What was already a trickle is going to turn into a flood,” he said in early 2026 interviews. Florida officials reported a surge in inquiries after Mamdani’s victory, with one relocation attorney saying calls from New York companies jumped five- to 10-fold.
Not all moves are full headquarters relocations. Many firms adopt dual-headquarters or expansion models while keeping front-office teams in Manhattan. American Express continues investing with new skyscraper plans at the World Trade Center. Still, Moody’s shifted the city’s financial outlook to negative amid budget concerns, and the cumulative effect drains jobs and tax revenue.
Sources: International Business Times, NYC Comptroller
