US Wall Street Financial Firm 'State Street' Also Withdraws from New York Office

▲The 'Fearless Girl Statue' on Wall Street, USA [Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] State Street, one of the major financial firms on Wall Street in New York, has decided to withdraw from its New York office, the Wall Street Journal (WSJ) reported on the 16th (local time).

According to sources familiar with the matter, State Street announced that employees working remotely in New York since COVID-19 will not be required to return to the office. The Manhattan office building will be subleased to other companies.

Headquartered in Boston, the company allowed approximately 500 employees working in New York to choose nearby New Jersey or Connecticut as their work location, enabling them to mix remote work and office work according to their personal circumstances.

The "Fearless Girl" statue, installed by the company in front of the iconic "Charging Bull" statue on Wall Street on International Women's Day (March 8) in 2017, has become another symbol of Wall Street and is currently located in front of the New York Stock Exchange (NYSE).

The company has secured a co-working space in Manhattan.

A State Street spokesperson said the real estate strategy was revised to accommodate hybrid work (a combination of remote and office work).

WSJ described State Street's move as "one example of the reevaluation of New York's status as a financial hub," noting that "many companies are struggling with whether to maintain offices due to New York's high costs and taxes."

Earlier, hedge fund Elliott Investment Management moved its headquarters from New York to Florida earlier this year, and Goldman Sachs has not closed its New York office but plans to increase its workforce in West Palm Beach, Florida.

Meanwhile, ViacomCBS reportedly agreed to sell the Manhattan building housing CBS headquarters to real estate company Harbor Group International for $760 million (approximately 891.6 billion KRW), according to Bloomberg News.

However, CBS plans to lease back office space in the building.

This content was produced with the assistance of AI translation services.