Reply to Will NYC still be the financial capital of the country?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Work at home will not last forever for everyone. [/quote]

It will for many in financial services industry (and other service based office industries like accounting and legal). There’s zero need for a fund manager to be physically located in a specific location. They only need reliable, high speed internet. And the real estate these companies select is the highest premium locations. Why pay that rent if you don’t have to and the benefit is an immediate uptick to the bottom line? They won’t go 100% virtual, but at least 1/2. [/quote]

Some, but not all.

Investment management and hedge fund types are not all willing to let their employees work remotely from wherever they like. A lot of those businesses do not want access to their proprietary strategies, investor information, etc. to be scattered and outside of their control.

Last year, I moved to DC for DH’s promotion. I worked in Finance in our previous location. When moving, I was hoping to keep my job, and work remotely. Everything I did could be done from home. When I proposed this to my then-boss, there was no hesitation before I was told No. Why? They were concerned about their trading strategies and confidential client information being compromised. I was told “what’s to stop one of our competitors from paying you to come into your house and look at your computer?”

In fairness, nobody from that firm ever worked from home (or “teleworked” as people in DC like to say) unless there was some major storm or disruption that temporarily closed our office.[/quote]

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