Morgan Stanley, Goldman Sachs plan to move large portions of operations out of NYC
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Posted 11:26AM on Tuesday, January 29, 2002
NEW YORK - Two major financial services companies whose operations were disrupted by the Sept. 11 terrorist attacks plan to move large portions of their operations out of lower Manhattan. <br>
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Morgan Stanley Dean Witter, the financial services firm that had been the World Trade Center's largest tenant, said it has tentatively agreed to buy Texaco Inc.'s former world headquarters in suburban Harrison in Westchester County. <br>
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Goldman Sachs Group Inc. -- the investment bank headquartered at 1 New York Plaza in the downtown financial district -- is reportedly moving its entire equities and equities-related staff, including its traders, to its new 40-story office building being built in Jersey City, N.J. <br>
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In an internal memo obtained by several news organizations, the company cited "the increased importance, after the terrible events of Sept. 11, of distributing our major businesses in New York beyond the boundaries of lower Manhattan." It also said the company's staff had grown faster than its available real estate in New York City. <br>
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The memo did not specify how many people would make the move to the new space. <br>
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Kathleen Baum, a spokeswoman for Goldman, did not immediately return a call seeking comment Tuesday. <br>
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Morgan Stanley said Monday it expected most of its 14,000 workers in Manhattan to stay put. <br>
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