In case you missed it, AllianceBernstein is coming to the Music City to set up shop. Long hailed as a drinking town with a music, Nashville has developed into quite the little business hub. The healthcare industry is huge around here, but you’re starting to see little pockets of new tech companies, too. So, it’s only fitting that we take a stab at boosting that financial sector, too. I’m all for diversifying Nashville.
AllianceBernstein, a New York-based global investment management firm, is bringing 1,050 jobs to Nashville, city and state officials announced Wednesday.
AllianceBernstein’s $70 million investment in Nashville marks a renewal in the financial sector for the city, once known as a Wall Street hub in the South. It also demonstrates a shift from Wall Street as New York firms look for more affordable markets.
BOOOOOOOOOOM – suck on that, other Southern cities. I don’t hear anything about major investment firms coming to your town and reshaping the economic landscape.
Also, wait – when was Nashville known as a Wall Street hub in the South? I must have missed that. I mean, I’m 31 years old, so to be fair, there has been quite a bit of history in town that I may have missed considering the city was, I believe, around before 1986.
Seth Bernstein, president and CEO of AllianceBernstein, said Nashville was chosen among 30 cities. Its cost of living, affordability and quality of life made it stand out among competitors.
“Nashville emerged as the clear winner by every metric we analyzed: housing, education, cultural amenities, weather, cost of living, business friendliness, the ability to source the country’s top talent, diversity and inclusion and more. No other city could compete.”
Bernstein also emphasized the strengths Nashville’s market offers in comparison to New York. While many in Nashville point to a lack of affordable housing and heavy congestion as the city’s greatest weaknesses, those issues are more challenging in cities like New York. He cited lower taxes, housing costs and, shorter commute times.
Yeah, we bitch a lot about Nashville traffic and the housing market, but New Yorkers come down here and just laugh at us. As bad as we think we have it, it could always be worse….like, New York worse.
Mayor David Briley emphasized’s Nashville’s legacy as a Southern financial hub, a reputation that has been diminished with a wave of bank consolidations that pulled headquarters from Nashville to Atlanta and Charlotte in past decades. Third National Bank, First American National Bank and Commerce Union Bank were among Nashville banks merged into other banks in the 1980s and 1990s.
So, we’ve done it before and we’ll do it again. The South’s gonna rise again, by God! Someone call Charlie Daniels, the Baron of Mount Juliet, and let him know!
I’m all for it. Let’s turn this city upside down – I want to see it. Wolf of Wall Street in the streets. We’re going to need some hookers, booze, and MOUNTAINS of cocaine. I’m going to get so rich off of Nashville’s newfound status as a financial mecca that you will never see me again.
Not because I’m going to retire nicely in the Smoky Mountains. It’ll be because of all the blow. But, still – you want the role, you gotta live that role. And, that’s the question Nashvillians have to be asking themselves right now in light of this news? Do you want to live that role?
If so, then come on board. We might sink this ship at the bottom of the Cumberland, but it’s going to be a damn fun ride!
Stoney Keeley is the Editor in Chief of The SoBros Network. He is a strong supporter of Team GSD and #BeBetter. “Big Natural” covers the Tennessee Titans, Alabama Crimson Tide football, the WWE, and a whole wealth of nonsense. Follow on Twitter @StoneyKeeley
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