AllianceBernstein moving more than 1,000 jobs to Nashville

Move concludes a search that took months and encompassed 30 cities

Seth Bernstein and Nashville (Credit: AllianceBernstein)
Seth Bernstein and Nashville (Credit: AllianceBernstein)

AllianceBernstein Holding is ditching New York for Nashville.

The company will move its corporate headquarters and roughly 1,050 jobs to the Tennessee city, bringing an end to its search that evaluated 30 cities on factors such as housing and cost of living, according to Bloomberg.

Some of the firm’s functions, such as private wealth management, will remain in New York, but employees on the legal, financial, sales and marketing teams will start to move this year, and company CEO Seth Bernstein will join them in 2020.

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AllianceBernstein is not alone in looking at relocating to cheaper cities outside of New York. Goldman Sachs has recently expanded its presence in Salt Lake City, and Deutsche Bank has done the same in Jacksonville.

Such relocations led to the first drop in the city’s securities workforce last year since 2013, and Gartman Letter author Dennis Gartman told Bloomberg that AllianceBernstein’s departure could lead to even more.

“This is a seminal shift,” he said. “If AllianceBernstein is capable of moving and is going to make the move, others shall follow.” [Bloomberg]Eddie Small