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ET1 that’s exactly what happens
Probably case by case. I know someone at a BB who relocated from NY to NC. While base comp initially stayed the same, he hasn’t gotten a raise over the last few years
Depends on the firm
From personal experience my firm didn’t adjust salary for location. I went from NY to Houston so awesome for me. I’ve know folks who moved from Houston to NY and didn’t get location adjustment (sucks for them). My salary is in the range of people who worked in Houston their entire career. Just one more reason why working at HQ in NYC fucking sucks