JPMorgan Chase Shifts Workforce to Texas
JPMorgan Chase & Co has now employed more workers in Texas than in New York, marking a significant shift in the banking landscape.
This trend reflects broader challenges facing New York’s financial sector, previously viewed as a global powerhouse. Kathryn Wylde, president and CEO of New York City Partnerships, mentioned the importance of maintaining competitiveness during a recent interview.
“The big challenge right now is to keep us competitive for our work,” Wylde told WABC 770 AM on Sunday.
She further expressed concerns about the shrinking financial services industry in New York, stating, “That’s scary,” as it plays a vital role in the city’s economy.
In 2024, JPMorgan had a total of 31,500 employees in Texas, surpassing New York’s workforce, according to data from NYC’s nonprofit partnership.
In fact, Texas’s overall financial sector employed 519,000 individuals, compared to New York’s 507,000, with these numbers reflecting positions strictly related to banking and finance, excluding insurance and real estate.
The decline in New York’s financial services industry is troubling—employment dropped by 8,400 from January to August of this year. In stark contrast, 6,400 jobs were added during the same period in 2024.
Since 2019, New York City’s financial sector has only seen a 4% growth, while cities like Austin, Charlotte, and Dallas have experienced significant expansions—27%, 21%, and 11%, respectively.
Financial services made up 22% of New York City’s economy in 2024, contributing an impressive $280 billion. Taxes from high salaries and bonuses remain a considerable part of the local tax base.
Wylde emphasized the need for effective management in spending and taxes to maintain the city’s appeal to businesses, stating, “We have to stop the drains.” She noted that maintaining public safety and addressing budget concerns would be crucial to improving affordability.
Although New York still leads in banking jobs, competition is increasing. For instance, JPMorgan employs 24,000 workers in New York but has also established itself in Texas with over 6,000 workers in Dallas and Fort Worth.
Similarly, while Goldman Sachs has more employees in New York, plans for an expansion in Dallas pose a threat to that dominance. Currently, Goldman Sachs has around 7,800 employees in the city, but its new Dallas Hub, set to open in 2028, aims to hire over 5,000 additional employees.
Despite ongoing challenges, Wylde remains hopeful about New York’s resilience. “We’re trying to assure people that New York is bigger than one person,” she remarked.
She highlighted the collaboration among various sectors—nonprofit, cultural, and business—as vital to the city’s future. “As long as we all stick to the city, no one is a threat to New York,” she added.
Wylde recognized the constantly changing political landscape but expressed confidence in the city’s ongoing strength, stating, “We’re still here, who were around us through so many political systems. We have to work with the mayors… Everyone is prepared to be elected.”
