Billionaire Ken Griffin says Citadel’s Chicago exodus was ‘not hard,’ cites crime, taxes
Billionaire Ken Griffin Announces Citadel’s Chicago Footprint Will Shrink Due to Crime and Taxes
During the Citadel Securities Future of Global Markets conference in New York on October 6, billionaire Ken Griffin revealed that his hedge fund’s Chicago presence will be reduced to just two floors as employees increasingly choose to relocate to Miami and New York. Griffin cited a series of challenges, including crime and taxes, as key factors driving the shift away from Chicago.
Having served as Citadel’s headquarters for over 30 years, Chicago has seen a significant exodus of the company’s workforce and operations to Miami in recent years. Griffin, whose net worth is estimated at $50 billion by Forbes, relocated the global headquarters of his company to Florida in 2022.
Griffin noted, “Asking people to leave Chicago for New York or Miami has not been hard. We’ve gone from probably 1,300 people in Chicago to a few hundred. From being the primary tenant of one of the largest skyscrapers to, I think we will be down to two floors in a year.”
Challenges Faced by Illinois
According to Griffin, the departure of many longtime employees highlights the mounting economic and social problems faced by Illinois. He expressed sadness at how individuals who had built lives in Chicago were willing to walk away and move to Miami or New York due to the challenges in Illinois.
Griffin specifically mentioned that crime in Chicago remains a significant issue, echoing concerns raised by President Donald Trump. Trump has been advocating for a federal crackdown on crime in major US cities, with plans to deploy troops to areas experiencing rising violence.
Illinois Governor JB Pritzker has been a vocal critic of Trump’s deployment of troops and federal agents into Chicago, joining other Democratic governors and mayors in opposing the move. Trump has also threatened to extend deployments to other cities like Baltimore and New Orleans, with troops already sent to cities like Los Angeles, Washington, DC, Portland, and Memphis.
Conclusion
Griffin’s decision to reduce Citadel’s presence in Chicago underscores the challenges faced by the city and the state of Illinois as a whole. The ongoing debate over crime, taxes, and economic factors continues to shape the landscape of business operations and workforce distribution in major metropolitan areas like Chicago.
