Financial Services

Why NYC?

New York City is the world’s most sophisticated and diverse financial center, boasting the deepest capital pools, the finest international talent, and an administration that is committed to strengthening the city’s financial base.

Operating in New York City offers unparalleled benefits such as:

  • A large talent base of more than 330,000 financial service workers
  • Robust and consistent regulatory and legal environments
  • A city government responsive to business needs
  • One of the most open markets to foreign companies globally
  • A favorable corporate culture

Financial Services Revitalization Plan

On February 18, 2009, Mayor Michael R. Bloomberg announced 11 initiatives to help support New York City’s financial services sector and allow it to grow as a global center for innovation and entrepreneurship.

The initiatives are aimed at retaining and expanding the cluster of businesses and institutions that have made the City the global financial services capital, while simultaneously fostering new ideas that will keep the city competitive for decades to come. Download the press announcement for more information on the study and Mayor's announcement below. 

Financial Services Revitalization Plan 

Entrepreneurship & Innovation

Attract & Grow

The City will work with established and emerging financial services utility companies to help them capture business in growing areas such as carbon trading.
  
The City will also seek out new utility firms and work with them to identify appropriate space for their operations and together with the State, will design the Lower Manhattan incentive program to target utility firms specifically.

Regulatory Overview

As a continuation of the efforts by Mayor Bloomberg and Senator Schumer, Deputy Mayor Lieber, and NYCEDC President Seth Pinsky have been tasked to work with the Financial Services Advisory Committee to understand New York City’s most pressing regulatory needs and report back to Mayor Bloomberg and Senator Schumer with latest updates.

Advisory Committee

The City created an ongoing Financial Services Advisory Committee led by Deputy Mayor Lieber that met monthly through 2009 to maintain a dialogue between City Hall and the industry.

The Committee discussed industry developments and tracked the ongoing value and effectiveness of these and other initiatives.

International Outreach

The City conducts an ongoing international recruitment campaign focused on attracting retail banks, commercial banks, and insurance companies headquartered in China, India, and other developing financial markets.

The campaign began with a trip to Beijing, China in June 2009, where NYCEDC representatives attended the International Institute of Finance Conference and met with Chinese business leaders.

In March 2010, a team from NYCEDC accompanied Deputy Mayor Lieber and a City business delegation on a trip to London. During the trip, the team held numerous one-on-one and round table discussion, met with over 100 of international stakeholders from public and private sectors, and identified several strategic collaboration opportunities.

News & Updates

Programs

  • Programs for Entrepreneurs /  Competition /  Financial Services /  International

    NYC Next Idea

    Last Updated

    New York City is where innovative ideas come to life. This exciting annual competition—now in its fifth year—invites you to develop business plans that can be launched in New York City.

  • Programs for Entrepreneurs /  Financial Services

    FastTrac

    Last Updated

    This business training program created by NYCEDC helps emerging entrepreneurs start new businesses and existing entrepreneurs run their businesses.

  • Financing

    NYC Capital Access Loan Guaranty Program

    Last Updated

    Public-private lending program enables banks and credit unions to make loans to micro and small businesses that may not qualify for conventional bank loans.

  • Financing

    NYC Entrepreneurial Fund

    Last Updated

    In an effort to strengthen and expand early stage entrepreneurship activities, the City created this $22 million fund to provide New York City-based technology startup companies with early-stage capital.

  • Financing

    Job Creation and Retention Program

    Last Updated

    The Job Creation and Retention Program (“JCRP”) provides discretionary grant funds to eligible companies committing to create a minimum of 75 new jobs in Lower Manhattan as well as to firms making a commitment to retaining at least 200 Lower Manhattan jobs.

Success Stories

  • SecondMarket

    Find out how SecondMarket found the talent, support, and infrastructure they were searching for in New York City.

Incubators & Workspaces

  • Incubators

    Varick Street Incubator

    Last Updated

    This incubator was developed as part of New York City’s plan to promote innovation through entrepreneurial activity following the economic downturn of 2008. The City provided capital funds and helped to negotiate a lease between the landlord, Trinity Real Estate, and NYU-Poly for the 16,000-square foot facility.

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Searching for a rewarding career in NYC? There could be a position waiting for you at NYCEDC.

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