Billionaire hedge fund manager Ken Griffin has announced that his firm, Citadel, will significantly reduce its Chicago operations. The company, which has been headquartered in the city for over three decades, will move to occupy only two floors of its current office space. This decision follows Citadel’s relocation of its headquarters to Miami in 2022, driven by Griffin’s frustration with rising crime rates and high taxes in the Windy City.
On October 6, 2023, Griffin expressed his views on the challenges facing Chicago, stating, “Chicago has unfortunately been engulfed in a series of problems over the last six or seven years.” He noted that convincing employees to leave Chicago for cities like New York or Miami has not been difficult. “We’ve gone from probably 1,300 people in Chicago to a few hundred,” he added, highlighting the significant decline in staff based in the city.
Griffin, whose net worth is estimated at $50 billion, emphasized the emotional toll this decision has taken on employees. “The sad part of the story is how many people who had built lives in Chicago were willing to walk away from that,” he explained. The move reflects not only the business’s operational strategy but also the broader social issues impacting the city, including crime.
The decision to vacate much of Citadel’s Chicago office is a stark contrast to its previous position as the primary tenant of one of the city’s largest skyscrapers. Griffin remarked, “We will be down to two floors in a year,” underscoring the rapid changes in the company’s footprint in the city.
This shift comes in light of troubling incidents that have affected Griffin’s colleagues. Reports from three years ago revealed that a Citadel employee was robbed at gunpoint, while another was assaulted while waiting for a car. Such experiences have evidently contributed to Griffin’s determination to relocate, highlighting the challenges faced by businesses operating in high-crime areas.
As these developments unfold, they occur against the backdrop of political tensions in Chicago, where local leaders are grappling with increasing crime rates. Former President Donald Trump has engaged in public disputes with Chicago Mayor Brandon Johnson and Illinois Governor J.B. Pritzker regarding strategies to combat crime. Recently, the U.S. Northern Command announced the deployment of 200 National Guard members to the Chicago area, aimed at bolstering the security of federal facilities.
Griffin’s reflections on Citadel’s move are a testament to the broader conversations about urban safety, economic stability, and the future of business in cities facing significant challenges. As Citadel continues to adapt to its new environment in Miami, the impact of these choices on its workforce and the city of Chicago remains a critical area of observation.
