News Summary
JPMorgan Chase & Co has made Texas its primary employment hub, surpassing New York in the number of workers. The bank now employs 31,500 people in Texas compared to 31,000 in New York. This change reflects a significant trend in the banking sector, as Texas’s employment opportunities grow while New York struggles with job losses in financial services. Economic challenges, high living costs, and political uncertainties further complicate New York’s position as a financial center, raising concerns about its ability to retain talent and investment.
Texas has become the new employment hub for JPMorgan Chase & Co, marking a pivotal shift as the bank now employs more workers in Texas than in New York. In 2024, JPMorgan has 31,500 employees in Texas, surpassing its 31,000 workers in New York state. This represents a notable change for an institution that has long had its largest workforce based in Manhattan.
This trend reflects a broader transformation in the financial sector, as Texas has officially outpaced New York in overall banking employment. Currently, there are 519,000 banking job positions in Texas compared to 507,000 in New York, as of 2024. This employment data specifically focuses on banking and finance and excludes roles in insurance and real estate.
From January to August 2024, New York City’s financial services sector experienced a loss of 8,400 jobs, contrasting with a net addition of 6,400 jobs during the same period in 2023. The slow growth in the city’s financial services sector has been apparent since 2019, with an increase of only 4%. In stark contrast, cities like Austin, Charlotte, and Dallas have reported significant growth rates of 27%, 21%, and 11%, respectively.
Economic Implications
Financial services are a crucial part of New York City’s economy, accounting for 22 percent, or a total of $280 billion, of its economic output in 2024. High salaries and bonuses generated by this sector are essential for maintaining the city’s and state’s tax revenues. Nevertheless, the continued job losses, as highlighted by industry leaders, pose a noticeable threat to the city’s financial standing and ability to attract talent and investment.
Challenges in New York City
Despite retaining the largest number of banking jobs, New York faces increasing competition from cities like Dallas, where JPMorgan employs 18,000 workers, and the Dallas-Fort Worth area, which also has an employee count of 18,000 in the financial sector. Goldman Sachs, another key player in the industry, has nearly 7,800 employees in New York and is investing $500 million to establish a new hub in Dallas, slated to open in 2028.
A significant obstacle for New York City is the rising cost of living, which is alarmingly high. Notably, the city is acknowledged as the most expensive in both America and the world. Additionally, other financial burdens, such as elevated litigation and insurance costs—auto insurance in New York is 49% higher than the national average—compound the challenges businesses and employees face in the region.
Political Landscape
The political climate may further complicate the situation, as current mayor Eric Adams has announced he will not run for reelection. The prospect of left-leaning candidates raises concerns among business leaders about the potential for stricter business regulations and taxes, which could drive companies and individuals away from New York. As evidence of job migration mounts, there are calls for improved fiscal management to create a more business-friendly environment within the city.
Outlook for the Future
While the job losses in the financial sector are concerning, there is still optimism regarding New York City’s potential to recover and retain its prominence. Leaders in the industry stress that the city has an enduring attractiveness that surpasses the influence of any individual leader. The unique combination of talent, resources, and cultural offerings that New York provides continues to be an asset that could help turn the tide of job migration in the long run.
Deeper Dive: News & Info About This Topic
- New York Post: JPMorgan Chase Now Employs More Workers in Texas Than NY
- JPMorgan Chase: Expanding Career Pathways in Texas
- Fortune: Jamie Dimon on Inflation and the Economy
- Bloomberg: JPMorgan Bolsters Florida Bet with New Jobs
- Dallas Innovates: JPMorgan Chase Investment in Texas
Author: STAFF HERE NEW YORK WRITER
The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
