Citadel is the third company to announce plans to leave the state of Illinois in the last two months.
The American investment company Citadel will move its headquarters to the financial district of Miami after operating for more than 30 years in the city of Chicago; this was announced last Thursday by its CEO, Ken Griffin, in a note to its employees quoted by local media.
“I am excited to share with you that Citadel is moving its world headquarters to Miami,” said Griffin, who assured that the Floridian city “is a vibrant and growing metropolis that embodies the American Dream.” “I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel into a city so rich in diversity and full of energy,” he said.
According to people familiar with the matter, cited by Reuters, the decision was due to the various advantages that Miami offers for business development, as well as the increase in crime in Chicago. Given this situation, Griffin, 53, has had conflicts with the governor of the state of Illinois, Jay Robert Pritzker.
Last April, the Citadel CEO commented on the high crime rates in Chicago during an interview with The Wall Street Journal, which is why he was considering moving his company’s operations to another state.
“If people are not safe here, they will not live here” , mentioned the businessman, adding that several of his colleagues “have been robbed gunpoint”, and that one of them “was stabbed on the way to work”, in addition to suffering “innumerable robbery problems”. “What I mean is that is a really difficult backdrop to attract talent to your city”, concluded.
Citadel spokesman Zia Ahmed said moving the company’s headquarters could be costly, as both directors and employees of the investment funds generated billions of dollars in tax revenue for the city and state in the last ten years.
Citadel is the third company to announce plans to leave Illinois in the last two months. The Boeing aerospace corporation announced in May that it would move its headquarters to the city of Arlington, Virginia, while the construction machinery manufacturer Caterpillar stated earlier this month that it plans to move its offices to the state of Texas.
For its part, a spokesperson for Governor Pritzker said in a statement that “countless businesses are choosing Illinois as their home, as we continue to lead the nation in corporate relocations and had a record number of new businesses in the last year”; One of these companies is the agri-food company Kellogg, which announced that it would move its corporate headquarters, currently located in Battle Creek, Michigan, to Chicago.