JPMorgan Chase now employs more workers in Texas than NY — top city biz advocate calls it ‘scary’ development
New York City has long been known as the financial capital of the country and the world, but recent data shows a troubling trend – more banking jobs are now in Texas than in the Empire State. JPMorgan Chase & Co, one of the biggest players in the financial services industry, now employs more workers in Texas than in New York. This shift is a cause for concern for city business advocates, including Kathryn Wylde, the president and CEO of the Partnership for New York City.
In a recent interview on the “Cats Roundtable” program on WABC 770 AM, Wylde expressed her concerns about the shrinking financial services industry in New York. According to data compiled by the Partnership for NYC, JPMorgan Chase had 31,500 employees in Texas in 2024, surpassing its employee count in New York. Texas also surpassed New York in terms of overall finance sector employees, with 519,000 employees compared to New York’s 507,000.
The financial services sector is a major contributor to New York City’s economy, accounting for 22% of the city’s economy in 2024. However, the sector has been experiencing a decline in job numbers, with 8,400 jobs lost in the first eight months of this year. In contrast, other metro areas like Austin, Texas, Charlotte, NC, and Dallas, Texas have seen significant growth in banking jobs.
Despite these challenges, Wylde remains optimistic about the future of New York City. She acknowledges the high costs of doing business in the city, including litigation and insurance costs, but believes that the city’s resilience and leadership will help it overcome these obstacles. The Partnership for New York City, which advocates for Wall Street and the financial services industry, is committed to working with whoever is elected as mayor to address these issues and ensure the city’s continued success.
As the city faces competition from other metro areas for banking jobs, it is crucial for New York to focus on managing its budget, controlling spending, and improving affordability to retain its status as a financial hub. With the right strategies in place, Wylde believes that New York will be able to overcome these challenges and remain a leading global financial center.
