Insights · US Desk
The East Coast Move: Where Power, Utilities & Infrastructure Bankers Are Heading
Why bankers are moving back to New York, and the other East Coast cities catching their attention.
Over the past year, one pattern has stood out in our conversations with Power, Utilities and Infrastructure bankers: people are moving back to New York. And those who are open to life beyond Manhattan are looking up and down the East Coast, following the deals, the power demand and a better balance of cost and lifestyle.
Why New York is pulling bankers back
Office expectations have changed the calculation. Goldman Sachs and JPMorgan expect staff in five days a week, and UBS brought its junior US Investment Bankers back full-time in March. For many bankers who moved out during the pandemic, a long daily commute no longer works, so they are moving back into the city.
The bigger draw is the deal flow. The largest Power & Utilities mandates are still led out of New York, and 2026 has already brought one of the biggest utility combinations in years with the proposed $67 billion NextEra Energy and Dominion Energy merger. New York is also home to many of the Infrastructure investors these bankers advise and often move to. Being close to senior bankers, clients and investors still accelerates a career.
Charlotte: banking scale at a lower cost
Charlotte combines two of America’s largest banking platforms with Duke Energy’s headquarters, one of the country’s largest utilities. It keeps adding financial services jobs: SMBC is establishing its second US headquarters there, with around 2,000 jobs over six years, and the metro area was among the fastest-growing in the country in 2025. For bankers with young families, lower living costs and shorter commutes make it an easy sell.
Virginia and the Carolinas: where power demand is being built
Northern Virginia is the world’s largest Data Center market, and Dominion Energy, headquartered in Richmond, sits at the center of the power demand that comes with it. For bankers who want to be close to the assets – Corporate Development, developer and utility finance roles – the Virginia and Carolina corridor is increasingly on the list.
Florida: lifestyle, tax and a growing investor base
Florida has no state income tax, NextEra Energy is headquartered in Juno Beach, and Miami and Palm Beach continue to attract investment firms and family offices from New York. It is a strong option for senior bankers and investors, although deep coverage teams remain concentrated in New York, so the right platform matters.
Boston: the route into Energy Infrastructure investing
Boston has a deep bench of institutional and Energy Infrastructure investors, including ArcLight Capital Partners, and a strong Energy Transition ecosystem. For bankers looking to move from Advisory into investing, it is a natural destination.
What it means for candidates and clients
For candidates: choose the platform first and the city second. Coverage of the largest clients is still New York-led, but the right team elsewhere can offer faster responsibility and a better quality of life. Be clear about relocation timing and support early in a process. For clients: location is now part of the pitch. Firms that are clear about office expectations, relocation support and the long-term career path in each city are winning the strongest candidates.
Sources: Bloomberg (UBS Americas, March 2026); Crain’s New York Business (bank return-to-office policies); PwC, Global M&A Industry Trends: 2026 Mid-Year Outlook; Bisnow (Charlotte banking expansion, April 2026).