Ken Griffin has downplayed the difficulty of moving Citadel’s operations out of Chicago, describing the firm’s relocation to Miami as a logical response to worsening crime, high taxes, and what he called “a series of problems” facing Illinois, according to a report by Fox Business.

Speaking at Citadel Securities’ Future of Global Markets conference in New York, Griffin said the firm’s Chicago presence — once its largest global hub — will soon shrink to two floors of one of the city's tallest skyscrapers, down from a peak of roughly 1,300 employees. Most of Citadel’s staff have since relocated to Miami and New York, where Griffin said the firm continues to expand both its hedge fund and market-making arms.

“Asking people to leave Chicago for New York or Miami has not been hard,” Griffin said, citing quality-of-life and security concerns as key drivers behind the exodus.

Citadel formally moved its global headquarters to Miami in 2022, marking one of the most high-profile corporate relocations in the asset management industry. The shift has positioned the firm closer to Florida’s growing concentration of hedge fund and private capital managers, as the state continues to attract financial talent from traditional centres like Chicago and New York.