Bye-Bye Wall Street...Hello Miami!

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The well-known head of JP Morgan, Jamie Dimon has been rallying hard to get employees back into the bank's office. But it is not just JPM, it is most of Wall Street's big brokerage firms and banks too. 

The problem? No one wants to go back into the city to work — in fact many moved out of NY, Chicago, and LA to the suburbs or to other states. They see what's going on in the big cities and guess what? They are not coming back...no way, no how! 

The exchanges are gone for the most part and the only pit left at the CME group is outside the elevator banks of the old trading floor. It is what I call the “cause and the effect” of the COVID-19 pandemic hangover.

Regardless of who you voted for when Ken Griffin closed his Chicago offices, it wasn't just the traders who worked for him that it affected — it affected the entire city of Chicago!

The hedge fund founder donated $130 million to 40 Chicago organizations. So far 160 Wall Street firms have moved their headquarters out of New York, with most going to Florida since the end of 2019, taking nearly $1 trillion in assets under management with them, according to data from 17,000 companies compiled by Bloomberg. 

Griffin said he thinks Miami “represents the future of America.”

Ever since Globex traded its first contract, I have been saying that we live in an ever-changing world. Everything is evolving so fast; the 2008 Credit Crisis did its damage to Wall Street, shutting down trading desks and entire departments, and thousands losing their jobs. It bounced back only to be destroyed by the Covid-19 pandemic.

I made a lot of correct predictions after Covid-19 and I was right on almost all of them. One was that the big cities would never recover — how can you reverse something like this? You can’t!

Look at this example, or this one. 

These are just two of many examples.