Hedge-fund firm Citadel is moving its headquarters to Miami. Citadel CEO Ken Griffin said many employees have asked to move out of Illinois.
Boeing, Caterpillar and now the $50-billion hedge fund, Citadel, all within two months said they were moving their headquarters out of Illinois.
Citadel CEO Ken Griffin announced to employees June 23 the firm’s headquarters is leaving Chicago for Miami after 30 years. Griffin, Illinois’ wealthiest resident, is picking Florida for its better corporate environment.
Citadel will retain its Chicago office and employees, but many will transition out of Illinois in the next year. Griffin has moved, and said he didn’t make the business decision on his own: His employees asked to work elsewhere.
“Chicago will continue to be important to the future of Citadel, as many of our colleagues have deep ties to Illinois,” Griffin wrote. “Over the past year, however, many of our Chicago teams have asked to relocate to Miami, New York and our other offices around the world.”
While he has multiple issues with how Illinois treats its corporate citizens, he also in April said he was bothered by Chicago’s inability to control crime.
“If people aren’t safe here, they’re not going to live here,” Griffin said. “I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”
CNBC ranks Illinois as the third-least friendly state to businesses. The Tax Foundation found Illinois’ business climate declined 10 spots in the past five years – the only state to drop in the Midwest. Gov. J.B. Pritzker added $5.2 billion in new taxes on Illinoisans, specifically targeting businesses with $650 million in new taxes amid a pandemic recovery.
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