One more massive firm is forsaking the crime-ridden metropolis of Chicago.
The hedge fund agency often called Citadel shall be shifting its operations to Florida, citing a extra business-friendly atmosphere.
When are the leaders of Chicago going to start out getting the message?
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Billionaire Ken Griffin shifting Chicago-based hedge fund Citadel to Miami
Ken Griffin, the richest man in Illinois, is shifting his Chicago-based hedge fund to Miami.
In a notice to staff at Citadel, Griffin introduced he already has moved his household to Miami, and can quickly be bringing the corporate with him, although some Citadel staff will stay in Chicago.
“Chicago will proceed to be essential to the way forward for Citadel, as lots of our colleagues have deep ties to Illinois. Over the previous yr, nevertheless, lots of our Chicago groups have requested to relocate to Miami, New York and our different workplaces all over the world,” Griffin wrote. “We acknowledge that the selection of the place to name dwelling includes private, household, faculty and different issues, and we’ll present complete assist to fulfill the wants of our groups.”
A spokesperson factors to Florida’s business-friendly local weather and Chicago’s violence as causes for the transfer, saying, “expertise desires to stay in cities the place they really feel secure.”
Based on an organization spokesman, Citadel has about 1,000 staff in Chicago. It’s unclear what number of of them shall be relocating.
Citadel Securities, a associated e-trading agency additionally owned by Griffin, additionally shall be making the transfer to Miami.
Chicago is bleeding tons of enterprise, and a number of it has to do with crime.
“I’ve had a number of colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way in which to work. Numerous problems with housebreaking. I imply, that’s a extremely tough backdrop with which to attract expertise to your metropolis from.” https://t.co/U8YEiMDbyX
— Josh Kraushaar (@HotlineJosh) June 23, 2022
It’s going to hit Illinois proper within the pockets, too.
About tax income hit IL will take from Citadel’s Miami transfer: A Citadel spox tells @FreeBeacon that Ken Griffin pays over $200 million yearly in state revenue tax, and that Citadel staff have paid over a billion in state revenue tax in previous decade – https://t.co/CtVtHbAchb
— Eliana Johnson (@elianayjohnson) June 23, 2022
Your complete enterprise panorama of the nation is altering proper earlier than our eyes.
Cross posted from American Lookout.