Goldman Sachs is considering moving its asset management business to Florida from New York . ©AFP/File Johannes EISELE

 

New York (AFP) – Goldman Sachs is exploring the relocation of its asset management business to Florida, while Tesla Chief Executive Elon Musk is eyeing a move to Texas, according to US media reports.

The potential moves underscore how the upheaval of the coronavirus could challenge regional economic legacies in the United States, where New York has long been the dominant financial center and California has been the top place for technology.

Florida and Texas also happen to be two of the nine US states that have no state income tax.

Goldman Sachs has reviewed potential offices north of Miami that could service wealthier clients in the city, as well as in Palm Beach and Fort Lauderdale, according to Bloomberg News, while investment fund Elliott Management plans to move its headquarters to Florida from New York.

“As announced at our investor day in January, we are executing on the strategy of locating more jobs in high value locations throughout the US, but we have no specific plans to announce at this time,” a Goldman spokesman told AFP.

After feuding with local authorities in California earlier this year over Covid-19 restrictions, Musk has mentioned to friends a potential relocation to Texas, CNBC reported.

Tesla is building a new factory near state capital Austin where Musk’s Boring Company and SpaceX have operations, the broadcaster said.

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.