New York's financial sector losing ground to rivals

"Right now, the big challenge is are we going to remain competitive for jobs?"

"financial services industry, they're our biggest taxpayers and major employers - and that industry is shrinking in New York."

New York's financial services workforce was smaller than Texas's in 2024, with Texas at 519,000 workers and New York at 507,000, excluding insurance and real estate roles. The financial sector in New York City lost 8,400 jobs from January through August this year after adding 6,400 in the same period last year. Since 2019 the city's financial services workforce grew only 4%, trailing Austin (27%), Charlotte (21%) and Dallas (11%). JPMorgan Chase employed about 31,500 workers in Texas last year, making its Texas workforce larger than its New York workforce. The shrinkage of a major taxpayer and employer raises concerns about the city's economic competitiveness.

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