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.
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.
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.
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.
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.