Ken Griffin’s Hedge Fund Cuts Chicago Presence

Billionaire Ken Griffin announced that his hedge fund’s operations in Chicago will be reduced to just two floors. This shift comes as rising crime, high taxes, and other difficulties push employees to move to Miami and New York.

“Sadly, for the past six or seven years, Chicago has faced numerous challenges,” Griffin remarked during the Citadel Securities Future of Global Markets Conference in New York on October 6.

Citadel had been based in Chicago for over 30 years, but a significant number of its staff and operations have recently migrated to Miami.

According to Forbes, Griffin, who has a net worth of $50 billion, relocated the company’s global headquarters to Florida in 2022.

“It’s not difficult to encourage people to leave Chicago for New York or Miami. The city’s population has dwindled from around 1,300 to just a few hundred. We might go from occupying a large portion of a skyscraper to just two floors in the next year,” he explained.

Griffin highlighted that the exit of many experienced employees underscores Illinois’ growing economic and social issues.

“I think the unfortunate aspect of this situation is that many who have established their lives in Chicago are opting to relocate to Miami or New York because of the challenges the state faces,” he added.

He pointed out that crime in Chicago continues to be a significant concern for the city.

These remarks come alongside former President Donald Trump’s renewed call for a federal crackdown on crime in major U.S. cities. This initiative includes the potential deployment of troops to some cities that are seeing increased violence.

Illinois Governor JB Pritzker has been a prominent critic, voicing opposition to Trump’s plans to send federal forces to Chicago.

Trump has also suggested extending troop deployments to other cities, like Baltimore and New Orleans, while some have already been dispatched to locations including Los Angeles, Washington, D.C., Portland, and Memphis.