Near-sourcing finance jobs

Front pager in today's NYT about the growing trend in the financial services industry to near-source jobs out of New York City to places like Raleigh and Jacksonville.  This may be news to NYT, but it old hat to all of the Credit Suisse and Fidelity employees in NC State's MBA program.  Firms are moving functions that do not require a physical presence in NYC, especially those that are not client-facing.  NYT calls this a threat to "the vast middle tier of positions that form the backbone of employment on Wall Street."

Why the shift?  The article cites lower labor, land, and tax costs in NC and Florida.  Firms may be looking to move even more work out of NYC in the coming years to offset the regulatory burden of Dodd-Frank.