For core markets like Phoenix / Chandler, AZ or Technology Specialty Areas like Philadelphia PA / Wilmington DE, are we talking about just the named cities?
What exactly does 40 miles from core market or Specialty area mean in this case?
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You forgot “maintain markets” as a choice.
Core/hub
Specialty
Maintain
————-
Everything else
Below the line is layoff. Maintain is backfill elsewhere. Specialty is we are stuck with certain places as skills are there. For example, a lot of software codes are in Bay Area and Bob’s traders in NYC.
They explained it's 40 miles from the physical office.
Core market is a fancy way of saying geographic area. It doesn't make sense for our LOB.
the 40 miles is from a specific building in the market. Every market has specific buildings that are part of location strategy - in markets where there are multiple sanctioned buildings, the specific building depends on your LOB and what locations they are occupying. It means the same thing whether core or specialty.
I'll translate the ivory tower lingo.
Non-core = layoff in 0-2 years
Specialty Market = layoffs in 2-4 years
Hub / Core = layoff in 5-7 years (unless it's Hudson Yards or I&P)
Core markets and CBSA are fairly synonymous. How we, there are designated buildings within each core market. So that doesn't mean you can work at a random bank next to your house or something.
Specialty markets could mean different things for the LOB. Could mean only grandfathered people and no backfill. Or could mean for a select group within your LOB.