New York bankers, managers eyeing exits

Higher tax: People walk past the New York Stock Exchange and the ‘Fearless Girl’ statue in New York. A proposal making its way through New York’s state legislature would have top New York City earners paying up to 15.73% in combined state and city taxes. — AFP

BOSTON: For decades New York’s bankers and fund managers have accepted the city’s high tax rates as a part of working in the world’s premier financial capital.

But with plans afoot to raise rates as part of a New York state budget agreement, some financiers are exploring exits, emboldened by a pandemic that has illustrated how working on Wall Street may no longer mean working from Wall Street.