| | OVERVIEW |  |
New York City is the financial capital of the world and a premier headquarters location for leading global financial services companies. The financial services and insurance industries employ over 333,000 people in New York City, totaling almost 11% of the City’s private sector employment and 5.5% of financial services employment nationwide (Source: NYS Bureau of Labor Statistics, February 2006).
New York City provides financial services companies with unmatched access to the clients, financial markets, business services and talent needed to thrive in today’s global competitive landscape.
NYCEDC maintains relationships with major New York City-based financial services firms to support their expansion and prosperity. We work closely with leading industry players, across firms, exchanges and associations, as a business advocate in the face of the legislative, regulatory and technological changes shaping the industry.
For a printer-friendly version of this industry overview, view our Financial Services Overview PDF (204 KB). | |
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| WHY NYC? | |
| INTERNATIONAL FINANCIAL MARKETPLACE | | |
More Fortune 500 financial services companies are headquartered in New York City than in any other U.S. city. The City is home to six major stock, commodities and futures exchanges, including the New York Stock Exchange, the world’s largest exchange marketplace for equities.
New York City is the center of international financial services: 119 financial services firms from 31 countries worldwide - representing six continents - have their offices in NYC.
New York City is home to leading industry associations:
Securities Industry and Financial Markets Association (SIFMA)
Established in 1972, SIA represents the shared interests of approximately 600 financial service firms, including investment banks, broker-dealers and mutual fund companies, to build and maintain public trust and confidence in the securities markets.
Insurance Information Institute (III)
III has provided definitive insurance information for more than 40 years. Today it is recognized by the media, governments, regulatory organizations, universities and the public as a primary source of information, analysis and referral concerning the insurance industry. | |
| SUPERIOR TALENT | | |
With over 333,000 employees, New York City has a deeper and more experienced financial services labor pool than any other U.S. city. The largest segment is the securities cluster, which accounts for over 50% of the financial services employment in New York City.
Commercial banking and credit intermediation accounts for 28% of cluster employment, while insurance carriers, agents, and brokers hold 17% of cluster employment. | |
| DIVERSE REAL ESTATE | | |
Major financial services firms such as Citigroup, Bear Stearns, MetLife and the Bank of New York have been diversifying their locations throughout the five boroughs.
New York City’s central business districts in Brooklyn and Queens offer inexpensive options for support operations. | |
| WHO’S HERE | |
Fourteen of the world’s 25 largest financial services firms have their global or U.S. headquarters in New York City:
- AXA
- Citigroup
- ING
- AIG
- Gruppo Generali
- Fortis
- HSBC
- Credit Suisse Groupe
- JP Morgan Chase
- BNP Paribis
- UBS
- Deutsche Bank
- Nissay
- Credit Agricole
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The top five U.S. securities firms are all headquartered here, as well as the ten largest U.S. securities broker-dealers:
- Morgan Stanley
- Merrill Lynch
- Goldman Sachs
- Lehman Brothers
- Bear Stearns
- Credit Suisse Group
- UBS
- Deutsche Bank
- Citigroup
- Bank of America
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Top 10 U.S. Securities Firms
| Rank |
Firm |
Headquarters |
|
1 |
Morgan Stanley |
New York, NY |
|
2 |
Merrill Lynch |
New York, NY |
|
3 |
Goldman Sachs |
New York, NY |
|
4 |
Lehman Brothers |
New York, NY |
|
5 |
Bear Stearns |
New York, NY |
|
6 |
Charles Schwab |
San Francisco, CA |
|
7 |
Franklin Resources |
San Mateo, CA |
|
8 |
A.G. Edwards |
St. Louis, MO |
|
9 |
E*Trade Financial |
New York, NY |
|
10 |
Legg Mason |
Baltimore, MD |
Eight out of the top ten international commercial and savings banks have their U.S. headquarters in New York City.
Six major stock exchanges call NYC home:
- American Stock Exchange
- International Securities Exchange
- NASDAQ Stock Market
- New York Stock Exchange
- New York Mercantile Exchange
- New York Board of Trade
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NYC is also the nation’s number one location for the reinsurance industry, with four of the ten largest U.S. insurance companies headquartered here:
- TIAA CREF
- New York Life
- Guardian
- Mutual of American
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| SUCCESS STORIES | |
| THE BANK OF NEW YORK COMPANY, INC. | | | Following the World Trade Center tragedy, NYCEDC helped The Bank of New York relocate displaced employees by offering temporary space in a City-controlled building.
Read more >
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| RECENT PRESS | |
| NYC Industrial Development Agency to Help Company Expand in New York City | |
| Nicole Robinson-Etienne Joins Coney Island Development Corporation as Outreach Coordinator | |
| ADDITIONAL RESOURCES | |
| INCENTIVES | | |
| NYCEDC offers information about a variety of New York City business incentives designed to help businesses thrive. Visit our Financing & Incentives section. | |
| CONTACT INFORMATION | |
For more information on how NYCEDC can help your business in NYC, please contact:
Ann Li
Vice President
ali@nycedc.com
(212) 312-3858
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| | | | RELATED LINKS | Incentive Finder
Use this simple tool to discover which NYC incentives may be applicable to your business. The Five Boroughs
Get highlights about what NYCEDC is doing in each borough. |
| | | PUBLICATIONS | NYCVISION
View this newsletter outlining NYC economic development initiatives. Economic Snapshot
Read our newsletter highlighting NYC employment, consumer spending, real estate and more. |
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