A Wall Street titan is weighing an exodus from New York as fears grow over rising taxes under the city’s new left-wing mayor.
Apollo Global Management, one of the biggest private capital firms in the world, is planning a second US headquarters in the South – with most future hiring set to happen outside Manhattan.
The $900 billion firm is considering cities in a variety of Sunbelt states – including Austin, Nashville, or somewhere in South Florida.
The move puts Apollo among a growing list of finance heavyweights drifting away from New York, long seen as the global capital of money.
Florida has already attracted major players such as Citadel and Elliott Management, while Goldman Sachs and JPMorgan are establishing a strong presence in Texas.
Partners and managing directors were recently surveyed on what their location preference would be, according to people familiar with the situation.
The company announced plans to relocate just as New York City’s mayor Zohran Mamdani pushed to hike up taxes on major corporations.
‘We’ve shared with our teams across Apollo and Athene that we plan to establish a second headquarters in either Texas or south Florida, alongside NYC,’ Apollo told the Financial Times.
Another finance company is fleeing what was once considered the financial capital of the world as the city’s woke mayor Zohran Mamdani raises taxes
Apollo anticipates that the majority of its future hiring will take place in its second hub rather than in Manhatta
Apollo Global Management, a New York-based private capital firm, has announced plans to establish a second United States headquarters in the South
‘This decision is driven by the talent we want to hire and the firm we want to be. New York does not have a monopoly on talent, and we expect most of our future growth will take place in our second HQ.’
For two decades, Apollo’s main office has been at Solow Building at 9 West 57th Street in Manhattan – overlooking Central Park.
Wall Street executives have long cautioned that companies may leave if Mamdani raises personal and corporate taxes to close budget gaps and fund more social programs.
Mamdani has framed the city’s projected $5.4 billion budget gap as a crisis that requires higher taxes to raise revenue.
The democratic socialist has urged Governor Kathy Hochul and state lawmakers to increase corporate taxes and raise taxes on the wealthy. He has also warned that he could raise city property taxes by 9.5 percent if the state doesn’t take action.
While property tax increases wouldn’t require state approval, the proposal is unlikely to move forward because it lacks support in the City Council.
Apollo’s move is far from an isolated case.
Across the country, major companies have been quietly shifting operations out of traditionally Democrat-led states, accelerating a years-long migration toward the Sun Belt.
Yamaha’s departure marks one of the latest corporate exits from California. The company plans to begin relocating its headquarters in late 2026 and complete the transition by 2028 as it sells its Cypress campus and consolidates operations in Georgia
Yamaha Motor Corporation has announced it will relocate its longtime headquarters from Cypress, California, to Kennesaw, Georgia, after nearly five decades.
Meanwhile, oil giant Exxon Mobil is moving its corporate registration from New Jersey to Texas, aligning its legal home with its existing headquarters in Spring, Texas.
A growing number of US companies are packing up and heading south, leaving some of the nation’s traditional blue-state business hubs in search of lower costs and friendlier regulatory climates.
Yamaha’s departure marks one of the latest corporate exits from California.
The company plans to begin relocating its headquarters in late 2026 and complete the transition by 2028 as it sells its 25-acre Cypress campus and consolidates operations in Georgia.
California’s high operating costs and regulatory environment have long been cited by companies considering relocation.
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Wall Street titan flees New York as firms ditch blue states for the South