<p>Above was not what I witnessed. The bulk of the machinery of the firm- traders, research people, specialists, derivatives desks, etc- were in NYC. And the deal flow one saw involved every type of transaction, nationally, not just whatever the Chicago people happened to be working on. When the chicago people had to handle a big proposal they actually flew into the NY office. NY analysts could interact with the broader part of the firm on a daily basis, not fly in.</p>
<p>Perhaps it depends on the firm.</p>