Wall Street’s hybrid work week is here to stay and the economic implications on New York City and New York State’s budgets could prove to be devastating.
Some of Wall Street’s top financial firms are preparing for the implementation of a more permanent hybrid work week in the post-
era, where many employees can spend a couple of days working from home depending on the job, FOX Business has learned.are only coming in a couple of days a week, renting a big office space in Manhattan doesn’t make much sense. In fact, investment management firm State Street recently announced it plans to close its two New York offices in order to transition to a hybrid work model.
"When you’re collecting a total of $5 billion a year in taxes from NJ and CT residents, losing even a small percentage to firms following State Street's lead could ding by a few hundred million dollars," said E.J. McMahon, Adjunct Fellow at the Manhattan Institute. New York City has a budget of $95 billion and the state’s budget is $212 billion. Both are flush with cash from the federal government but struggling with high unemployment and an exodus of rich people to lower-cost states and cities.
"Based on the external environment as well as medical and government authorities, Morgan Stanley is encouraging staff to return to the office in February," a Morgan Stanley spokesperson told FOX Business. "Return to office plans and timing will differ by division, business and teams, as well as by geography."
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