Salomon Bros. to Shift Some N.Y. Operations to Florida
Salomon Bros. Inc. said Tuesday it will relocate its back-office operations to Tampa, Fla., from New York, as part of a reorganization.
The move, set for completion within the year, is subject to settlement of final details with state and local officials, the company said. A final site has not yet been chosen.
Spokeswoman Macy Egerton declined to comment on the number of employees affected by the move. About half of Salomon’s 6,000 U.S. employees work in New York.
The decision by Salomon Bros. follows moves by several New York-based concerns to relocate their operations outside Manhattan in an effort to cut costs during the recession. Philip Morris Cos. said last year it will move 500 jobs, almost a third of its Manhattan work force, north of New York City to Westchester County.
“This decision has been made after careful review of our technology needs,” Bruce V. Carp, a Salomon Bros. administrative officer, said in a statement.
“We will build a state-of-the-art, cost-effective processing facility that will take us well into the 21st Century,” he said.
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