Billionaire Ken Griffin stated his hedge fund’s Chicago footprint will shrink to simply two flooring as crime, taxes and different challenges push staff to relocate to Miami and New York.
“Chicago, you understand, over the past, sadly, over the past six or seven years, has been engulfed in a collection of issues,” Griffin stated on the Citadel Securities Way forward for World Markets convention in New York on Oct. 6.
The Windy Metropolis, which served as Citadel’s headquarters for greater than 30 years, has seen a lot of the corporate’s workforce and operations shift south to Miami in recent times.
Griffin, who’s price $50 billion in line with Forbes, relocated his firm’s international headquarters to Florida in 2022.
“Asking folks to depart Chicago for New York or Miami has not been exhausting. We’ve gone from in all probability 1,300 folks in Chicago to a few hundred. From being the first tenant of one of many largest skyscrapers to, I believe we can be down to 2 flooring in a yr,” he defined.
Griffin, who leads the world’s most worthwhile hedge fund, stated that the departure of so many longtime staff underscores Illinois’ mounting financial and social issues.
“I believe the unhappy a part of the story is how many individuals who had constructed lives in Chicago have been keen to stroll away from that and transfer to Miami or New York, simply given the challenges that Illinois has confronted,” he stated.
Griffin added that Chicago’s crime stays one of many metropolis’s most urgent challenges.
His feedback come as President Donald Trump renews his push for a federal crackdown on crime in main US cities, a plan that features deploying troops to some Democrat-led areas experiencing rising violence.
The president’s push to deploy Nationwide Guard troops nationwide has ignited repeated clashes with Democratic governors and mayors.
Illinois Gov. JB Pritzker has been among the many most vocal critics, condemning Trump’s deployment of troops and federal brokers into Chicago.
Trump has additionally threatened to increase deployments to different cities, together with Baltimore and New Orleans. Troops have already been despatched to Los Angeles, Washington, DC, Portland and Memphis.
