Concerns About New York’s Economic Future
The standing of New York City as a significant economic powerhouse in the U.S. may be under threat, according to a prominent member of the local business scene. Kathryn Wilde, who serves as the president and CEO of the New York City Partnership, spoke on WABC 770 AM’s “Cat Round Table,” warning that the decline in the financial services industry is a rather “scary” trend for the city’s economic competitiveness.
Wilde emphasized that this sector plays a vital role as the city’s largest taxpayer and major employer, yet it’s experiencing a downturn. She mentioned to host John Catsimatidis, “The financial services industry, they are our biggest taxpayers and our major employers, and that industry is shrinking in New York.”
Recent data compiled by the NYC Partnership shows that Texas is now outpacing New York in financial sector employment. Specifically, it reported that, as of August 2025, Texas had 519,000 employees compared to New York’s 507,000. This figure focuses on banking and financial roles, not accounting for jobs in insurance or real estate.
While New York added 6,400 jobs in the financial sector last year, it has seen a loss of 8,400 jobs between January and August this year. The growth of the financial services workforce in NYC since 2019 has been a mere 4%, a stark contrast to cities like Austin, which has surged by 27%, and Charlotte, which increased by 21%.
JPMorgan Chase, as a case in point, now employs more people in Texas than in New York, with around 31,500 workers in the Lone Star State last year. Despite this, New York still retains a lead in banking jobs overall; for instance, JPMorgan employs 24,000 workers in New York, while its workforce in the Dallas-Fort Worth area comprises 18,000. Additionally, Goldman Sachs has 7,800 employees in New York, compared to projections indicating Dallas could soon exceed 5,000.
Wilde noted the urgency to address these issues by managing budgets, curbing spending, and enhancing public safety for the city’s long-term prosperity. She recognized the worries surrounding democratic socialist candidate Zohran Mamdani, who is running for mayor of New York City. Mamdani has stated, “New York is trying to assure people that New York is bigger than one person.”
Wilde expressed confidence in New York’s resilience, stating, “We’re absolutely going to save New York. New York is full of leaders… the nonprofit sector, the culture sector, the business… as long as we all stick to the city, no one is a threat to New York,” during her conversation with Catsimatidis.
