Speaking with CNBC today, Citadel founder and CEO Ken Griffin said that, as a direct consequence of the socialist Mayor of New York City, Zohran Mamdani, Citadel will move more jobs to Miami.
Griffin said they have filed with the city of Miami to expand their offices to accommodate more jobs.
Today, we’re taxing the rich (so they will leave).
Recently, Mamdani shamed Griffin for his “pied à terre” apartment in New York City. Mamdani used it as a prop for his attack on individuals who do not live in the city full-time and for his desire to tax the wealthy. Of course, what Mamdani ignores is the value that people like Griffin bring to the city, like more jobs and investment, which translates into more tax revenue. It now seems that Mamdami has accomplished the exact opposite of generating more tax revenue for a city with a significant budget shortfall. For fiscal year 2026, New York City is expected to have a budget deficit of $2 billion. This gap is expected to widen further, rising to $10.4 billion by 2027.
Citadel is developing a new office in Manhattan, originally expected to create 6,000 construction jobs and 15,000 permanent jobs, likely high-paying jobs for bankers.
Even as Citadel pumps the brakes on its Manhattan presence, Mamdani has refused to back down as he believes in the “warmth of collectivism” and allusion to his authoritarian, socialist beliefs.
While New York is home to the top global financial center, the city should not take this status for granted. Already, some financial services have moved to Texas, Florida, and elsewhere. The Palm Beach area has earned the label “Wall Street South.” JP Morgan CEO Jamie Dimon recently noted that his bank has more employees in Texas than New York – a fairly recent development.