New York, California each lost $1T in assets as financial firms fled south

The steady exodus of Wall Street banks and big tech firms from California and New York over the past several years has cost the states nearly $1 trillion apiece in managed assets, according to a new analysis by Bloomberg News.

The departure of companies like Elliott Management, AllianceBernstein and Charles Schwab has drained the two states of thousands of high-paying jobs, further burdening city and state finances by sapping tax revenue. 

Commercial property markets have also buckled under the weight of the sudden exit of the finance industry, at the...