Wall Street Titan Flees New York as Firms Ditch Blue States For the South
31st March 2026
A Wall Street titan is weighing an exodus from New York as fears grow over rising taxes under the city’s new left-wing mayor.
Apollo Global Management, one of the biggest private capital firms in the world, is planning a second US headquarters in the South – with most future hiring set to happen outside Manhattan.
The $900 billion firm is considering cities in a variety of Sunbelt states – including Austin, Nashville, or somewhere in South Florida.
The move puts Apollo among a growing list of finance heavyweights drifting away from New York, long seen as the global capital of money.
Florida has already attracted major players such as Citadel and Elliott Management, while Goldman Sachs and JPMorgan are establishing a strong presence in Texas.
Partners and managing directors were recently surveyed on what their location preference would be, according to people familiar with the situation.
The company announced plans to relocate just as New York City’s mayor Zohran Mamdani pushed to hike up taxes on major corporations.
‘We’ve shared with our teams across Apollo and Athene that we plan to establish a second headquarters in either Texas or south Florida, alongside NYC,’ Apollo told the Financial Times.