Inside Financial Services

Companies in Motion are an Opportunity for Banks

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This should be a material positive for banks based in the South and Southwest: fully 29% of 150 C-Suite executives surveyed by consultant West Monroe said they were considering moving major operations or headquarters to another state or country. The biggest reasons for the planned moves, the executives say, were the cost of talent and cost of living in their current location, followed by the burden of taxes. Notably, the top two planned destinations the executives are considering moving to were Texas and Florida. There’s little doubt that the recent employment migration patterns that have emerged in the last few years will continue and perhaps accelerate, which, as I say, is very good news for banks in the South and Southwest.