Wall Street Comes to Nashville

AllianceBernstein relocated 1,000 jobs in an effort to save $80 million a year

- Pat Regnier

Hundreds of employees are settling into AllianceBernstein’s new headquarters in downtown Nashville, exploring the tower’s spin and yoga classes, huddle rooms, and kombucha on tap. Outside, a scent of Budweiser and rib sauce wafts out of Rippy’s Bar & Grill before noon. The neighboring honky-tonks and pedal taverns—roving bars on wheels—constitute the bachelorette party mecca of the American South, where musicians sing about troubles caused by whiskey, wine, and beer, and customers order more.

This is what it can look like when a Wall Street firm leaves for a cheaper locale. “At night this can be really happening, as you can imagine,” says Chief Operating Officer Kate Burke, peering over the side of a deck overlooking Nashville’s Broadway.

Four years ago the storied investment firm jarred the industry and much of its staff by announcing that after five decades in New York, it was moving its headquarters—and more than 1,000 jobs—to Tennessee. It was the most dramatic demonstration yet of what happens when an investing giant uproots to cut costs.

Many employees at the building’s opening this month describe falling in love with Nashville. They praise 10-minute commutes, the area’s ample golf courses, access to Titans and Predators games, hot chicken, and singer-songwriter open-mic nights. The metro area has good public schools, and its lower cost of living makes transplants feel wealthier. Burke, who grew up on seven acres in Minnesota, has two horses grazing in her backyard. That wasn’t possible when she lived in New York.