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The AIG towers in New York City. Photo: Chris Hondros/Getty Images

AIG will move its world headquarters next year from New York City's Financial District to Rockefeller Center, where it will occupy 8 floors and 325,000 square feet, the corporation announced Tuesday.

The big picture: The move to 1271 Avenue of the Americas will see the insurance giant depart the city's Financial District after more than three decades. AIG will also consolidate the rest of its footprint in the area to two new locations, including one at the Goldman Sachs Tower.

Thought bubble, via Axios business editor Jennifer Kingson: The move is a shot in the arm for New York City, which has been suffering from corporate flight amid the pandemic.

  • Wealthy residents who can work from home have fled the city for the suburbs and vacation homes, turning the midtown area that AIG will occupy into a relative ghost town.
  • Wall Street firms are considering leaving the city or reducing their footprint, and a new report from the Partnership for New York City says that companies “expect only 10% of their employees to return to the office this summer and just 40% by year-end,” according to Bloomberg.

Go deeper

Trump won't attend UN General Assembly in-person, White House says

Trump talks to reporters outside the White House on Sept. 17. Photo: Win McNamee/Getty Images

White House chief of staff Mark Meadows told reporters on Thursday that President Trump will not attend the United Nations General Assembly in-person this year, per pool reports.

The big picture: The UN turns 75 this year, but the pandemic has muted the anniversary to virtual meetings. Trump has yet to submit a virtual speech for the New York City event, Bloomberg's Jennifer Jacobs reports.

Trading platforms curb trading on high-flying Reddit stocks

Major trading platforms including Robinhood, TDAmeritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

Why it matters: It limits access to the traders that have contributed to the wild Reddit-driven activity of the past few days — a phenomenon that has gripped Wall Street and the country.

Updated 2 hours ago - Economy & Business

2020 was the economy's worst year since 1946

Source: FRED; Billions of chained 2012 dollars; Chart: Axios Visuals

One of the last major economic report cards of the Trump era lends perspective to the historic damage caused by the pandemic, which continued to weigh on growth in the final quarter of 2020.

By the numbers: The U.S. economy grew at a 4% annualized pace in the fourth quarter, a sharp slowdown in growth compared to the prior quarter. For the full year, the economy shrank by 3.5% — the first annual contraction since the financial crisis and the worst decline since 1946.