Counselor706
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SourceGoldman Sachs, the investment bank behemoth that controls nearly $2 trillion of assets, has reportedly explored shifting some of its key operations out of Manhattan, which has one of the highest costs of living in the world and is one of the most taxed places in the United States.
According to Bloomberg News, Goldman is eyeing south Florida — in the area north of Miami, such as Fort Lauderdale and Palm Beach — as the new base of its asset management division.
Sources told Bloomberg News that executives have been scouting out potential office space and talking to local officials about the benefits of moving one of Goldman's major operations to the area, including the tax and lifestyle advantages, which are attractive to the business and employees.
In fact, moving one of its top operations to Florida could save Goldman hundreds of millions of dollars, or more, per year, considering the amount of money the bank generates.