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Fed pressure sends BONY, others to Fla. NY fights rules requiring Wall St. offices to move, but experts say 15,000 jobs at risk.(News)(Bank of New York Co. and Morgan Stanley to relocate New York employees in move to duplicate facilitates in case of another terrorist attack)
Crain's New York Business, December, 2002 by Croghan, Lore
Byline: lore croghan and stephen gandel Under pressure from federal regulators, Wall Street firms are beginning to relocate their New York employees to locales as far away as Florida in order to establish duplicate facilities that could be relied upon in the event of another terrorist attack here.
Both The Bank of New York Co. and Morgan Stanley have recently finalized plans to move employees in divisions that regulators have identified as critical. A half-dozen other local firms are looking for space for staffers hundreds of miles outside the metro New York area. By the time Wall Street's contingency plans are complete, which will probably be in the next two years, industry observers predict, as many as 15,000 securities industry jobs will leave the area....
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