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Wall Street Job Exodus Grows With AllianceBernstein Move

May 2, 2018, 1:41 PM

New York is losing more than a thousand financial-industry jobs—and Manhattan’s loss is Music City’s gain.

AllianceBernstein Holding LP is moving its corporate headquarters and about 1,050 jobs to Nashville, Tennessee, the company said in a filing May 2, concluding a months-long search that evaluated cities on attributes including housing, cost of living, education and weather.

While some of the firm’s traditional Wall Street functions—including portfolio management, sell-side research and trading, and private wealth management—will stay in New York, workers from finance, legal, sales and marketing teams, among other functions, will start relocating this year. AllianceBernstein Chief Executive Officer Seth ...