Jacksonville Gaining Reputation for Financial Services

New York and London are getting serious competition when it comes to banking and finance, and some of that is coming from Jacksonville.

That’s the conclusion of a story published Sunday in the Financial Times.

“Forget the bright lights and fast pace of living in two of the world’s greatest metropolises,” the story began, “city living for a new generation of financial workers is now more Jacksonville in Florida and Warsaw in Poland than New York and London.”

The story isn’t really just about Jacksonville, the only other reference to the city is this:

“Other preferred options include Jacksonville in Florida, where operating costs are 23 percent lower than in New York. The city has gained more than 4,000 jobs, including Macquarie, Deutsche Bank and Ernst & Young.”

Like just about everyone else, financial institutions are looking to cut costs and increase efficiency. Operating costs in Warsaw are 60 percent less than they are in London, according to the article.

“Comparative economics are ruling the site selection process,” one consultant said.

You can read the full article here.



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