News Summary
Texas has overtaken New York as the state employing the most individuals at JPMorgan Chase & Co, with around 31,500 jobs compared to New York’s 24,000. This reflects a broader trend of job migration towards states with more favorable economic conditions. While Texas thrives, New York’s financial sector faces challenges, including job losses and high living costs. Concerns about New York’s competitiveness have emerged, prompting discussions on how to retain its status as a leading financial center amidst growing competition from states like Texas.
Texas has surpassed New York as the state with the most employees working at JPMorgan Chase & Co, marking a significant shift in the job market for financial services in the United States. As of 2024, JPMorgan Chase employs approximately 31,500 individuals in Texas, compared to 24,000 in New York, highlighting a growing presence of financial institutions in regions outside traditional financial hubs.
The current employment landscape reveals that Texas has outpaced New York in the finance sector overall. In 2024, Texas has 519,000 finance-related employees, surpassing New York’s 507,000 and indicating a broader trend of job migration from high-cost states to those with more favorable economic conditions. The employment figures include banking and finance-related jobs but exclude insurance and real estate positions.
Even though Texas has experienced rapid growth in its financial services sector, New York City’s financial services area has seen a more complex scenario. From January to August of this year, the sector in New York City saw a net loss of 8,400 jobs, despite adding 6,400 jobs during the same time in 2024 alone. Since 2019, New York City’s financial services sector has only grown by 4%, raising concerns about the city’s competitiveness as a financial center.
In contrast, other metropolitan areas, including Austin, Charlotte, and Dallas, have reported explosive growth in banking jobs since 2019, with increases of 27%, 21%, and 11%, respectively. The financial services sector in New York City accounted for 22% of the city’s economy in 2024, amounting to approximately $280 billion. However, high salaries and bonuses that typically characterize this sector have significant implications for the city’s tax revenue.
Concerns regarding New York’s job competitiveness have surfaced, largely due to systemic issues such as the high cost of living, which affects business attraction and retention. Despite these challenges, New York remains the leading city for banking jobs, with companies like Goldman Sachs employing nearly 7,800 in New York City, which is more than the 4,000 employees at its Dallas hub. Additionally, Goldman Sachs plans to open a new $500 million hub in Dallas by 2028, which is expected to further expand its presence outside New York.
The cost of living in New York is the highest in the United States, compounded by high insurance and litigation costs, which continues to challenge the city’s national standing. Political factors, such as the recent announcement that incumbent Mayor Eric Adams will not run for re-election, have further contributed to uncertainty in the business environment. Concerns are mounting regarding the Democratic candidate for mayor, Zohran Mamdani, who has sparked worries among business leaders.
Despite these challenges, there is a sense of optimism regarding New York’s resilience. The Partnership for New York City, viewed as an integral part of the city’s “permanent government,” emphasizes the importance of maintaining continuity during political transitions. Kathryn Wylde, the organization’s president and CEO, has expressed confidence that New York can navigate these political changes while fostering a business-friendly environment.
As the financial services landscape continues to evolve, the migration of jobs from New York to Texas could signal a long-term shift in where financial institutions choose to establish their operations. This shift may encourage New York to reevaluate its strategies for maintaining its status as a leading financial hub amidst growing competition from states like Texas.
Deeper Dive: News & Info About This Topic
- New York Post: JPMorgan Chase Employment Shift
- JPMorgan Chase: Expanding Career Pathways in Texas
- JPMorgan: Certified Randomness
- Google Search: JPMorgan Chase Texas employment
- Wikipedia: JPMorgan Chase
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.
