Business

Goldman mulls Florida base for asset management arm

Goldman Sachs Group Inc is weighing plans for a new Florida base to house its asset management arm.

Goldman executives have been scouting office locations in South Florida, speaking with local officials and exploring tax advantages as they consider creating a base there.

The members of the leadership team have been persuaded by the bank’s success in operating remotely during the COVID-19 pandemic to move more roles out of the New York area to save money.

The bank may yet decide not to center its asset management business in Florida and may opt for a different destination like Dallas, where it has been accelerating its expansion.

A spokesman for the bank said that the bank was executing on its strategy of locating more jobs in high-value locations throughout the U.S., with no specific plans to announce at this time.