Mayor Mamdani LOSES IT After JP Morgan OFFICIALLY Exits New York For Good!

There are great cities everywhere. We

now have more people in Texas than we

have in New York. That didn't have to be

that way. And so right now, at this very

moment, JP Morgan Chase is employing

more people in Texas than it does in the

state where it was born.

>> First of all, people have left New York

City. You've seen hedge funds and

certain banks and Ken Griffin and and I

think it's a bad idea. I mean, you want

to have a very competitive city. The

largest bank in America, the institution

whose name is synonymous with New York

finance, whose roots in this city trace

back to 1799, just spent $3 billion

building a brand new skyscraper

headquarters on Park Avenue.

>> Now, I know you just built that

skyscraper in New York, right? You're $3

billion in. You know, you can't just

walk away from that even if you wanted

to.

>> Jamie Diamond cut the ribbon on it in

October. two one.

[music]

>> The cameras were there, the speeches

were made, and 4 months later, the

headcount tells a completely different

story. 31,000 JP Morgan employees in

Texas, 24,000 in New York. The building

is gleaming. The math is not. This is

New York Reports, and this is where we

cut through the ceremony and follow the

numbers. If you want journalism that

doesn't dress up uncomfortable data in

comfortable narratives, subscribe to

this channel right now. Hit that like

button so this reaches people who need

to see it. And here's your question for

the comments. Do you think New York

City's political leadership understands

what the headcount numbers at its most

[music]

iconic bank actually mean? Drop your

answer below because I genuinely want to

know what you think. Share this video

with anyone who believes what happens on

Wall Street stays on Wall Street because

it doesn't and we're about to prove it.

Here is what's actually happening. New

York City is not experiencing a sudden

corporate exodus. What it is

experiencing is something slower,

quieter, and in many ways harder [music]

to reverse. A steady structural

redistribution of financial jobs,

financial capital, and financial

decision-making power toward cities and

states that have spent the last decade

actively competing for it. And the

numbers have now crossed a threshold

that should be getting a great deal more

attention than it is. Texas has more

financial sector employees than New

York. 519,000 in Texas. 57,000

across the entire state of New York.

That crossover didn't make front page

news. It should have. Let's walk through

how we got here because this didn't

happen by accident and it didn't happen

fast. It happened through years of

compounding decisions, compounding

incentives, and a competitive landscape

that one side understood far better than

the other. Go back to 2020. The pandemic

scrambled every assumption the financial

industry had made about where work had

to happen. Firms that had always

believed their traders, bankers, and

analysts needed to be in Midtown

Manhattan discovered almost overnight

that the work could be done from

anywhere. That realization didn't just

change where people sat. It changed the

entire calculus of where companies

needed to be. If your [music] workforce

can operate remotely, your real estate

footprint becomes a choice rather than a

requirement. And when it becomes a

choice, executives start looking at what

they're paying for the choice they've

been making for decades. Between 2020

and 2023, more than 150 financial firms

managing nearly $1 trillion in assets

moved their headquarters out of New

York. That figure comes from Bloomberg

and it represents something more

significant than a pandemic era shuffle.

It represents a permanent

reconfiguration.

Those firms aren't coming back. The

infrastructure, the talent pipelines,

the local relationships they've built in

Dallas and Miami [music] and Nashville,

those are real now. They didn't

evaporate when the pandemic ended. And

here is where the Texas story becomes

impossible to ignore. The state didn't

accidentally become a financial hub. It

made a deliberate set of policy

decisions designed to attract exactly

the capital and the [music] firms that

New York was making increasingly

expensive to retain. Texas

constitutionally banned financial

transaction taxes. It created

specialized business courts built

specifically for the needs of financial

institutions. It offered a cost

structure for employees, commercial real

estate, and regulatory compliance that

New York simply cannot match. Jaime

Diamond himself said it plainly in 2023.

[music]

It shouldn't have been that way, but

Texas loves you being there.

That quote deserves to sit with you for

a moment. the CEO of the largest bank in

America, standing in a state that now

employs more of his people than his

company's home city, saying out loud

that the welcome mat in Texas is warmer

than the one in New York. That is not a

critique of New York from an outsider.

That is a diagnosis from someone who is

still technically headquartered there.

Goldman Sachs is building an 800,000 ft

campus in Dallas, $500 million, opening

in 2028 and designed to consolidate more

than 5,000 employees. That is not a

satellite office. That is a second

center of gravity. And it is not

Goldman's first move in this direction.

Years ago, the firm relocated investment

bankers to Dallas and Atlanta in what

was then described as a bold experiment

in geographic diversification. The

experiment worked. You hear almost

nothing about it anymore, which tells

you everything. The idea that serious

finance only happens in Manhattan is

already yesterday's assumption. Now,

into this environment, on November 4th,

2025, New York City elected Zoran

Mandani as its mayor. He took office on

January 1st, 2026. And the reaction from

the financial community was immediate,

expensive, and ultimately unsuccessful.

New York's business leaders and

billionaires spent more than $40 million

trying to prevent his election. Poured

money into campaigns to stop him. He won

anyway. What Ma'ami ran on was an

affordability agenda. Rent freeze on

stabilized apartments, free bus service,

universal childare, city-run grocery

stores, proposed tax increases on the

city's wealthiest residents, and higher

corporate taxes. That platform resonated

with the New Yorkers who actually voted.

It did not resonate with the financial

executives who've been watching the

Texas headcount numbers grow for 5

years. Here's what makes the current

moment genuinely complicated, and I want

to give you the full picture because it

matters. Wall Street is booming. Record

profits of more than $60 billion

projected for this year. Lavish bonuses

flowing into the city's economy. That

windfall is real, and it is helping

Mamani's administration in the short

term. The city reported an 8% increase

in tax revenue for the last fiscal year

with income tax collections up 17%. His

first budget will be easier to write

than anyone expected 6 months ago. But

budgets are not static and the people

who study them professionally are not

reassured by the current numbers. The

Citizens Budget Commission projects gaps

of more than 10 billion in years 2 and

three of Meani's term. 10 billion. That

is the fiscal cliff that the boom is

temporarily obscuring. And here is the

critical variable. Those projections get

significantly worse if Wall Street's

performance [music] falters. The city's

tax base is structurally dependent on