JPMorgan Chase & Co has now surpassed its workforce numbers in New York State with its employment in Texas, a shift that one prominent business leader described as “alarming.”
It’s not only JPMorgan; the Lone Star State has outstripped New York in banking sector job numbers, historically the nation’s and the world’s financial hub, as noted by Kathryn Wylde, the President and CEO of the Partnership for New York City.
“The key question today is whether we can continue to compete for jobs,” Wylde remarked on Sunday during an appearance on WABC 770 AM’s “Cats Roundtable”.
“The financial services sector is the largest contributor to our tax revenue and a key employer, yet it’s seeing a decline in New York,” she explained to host John Catsimatidis.
“That’s concerning,” she added.
As per information gathered by the non-profit Partnership for NYC, JPMorgan Chase’s employee count in Texas reached 31,500 in 2024, evidently making it the highest for any state and overtaking its New York workforce.
Further data shared with The Post highlights that overall finance-related employment in Texas also exceeded that of New York in 2024.
In that year, Texas reported 519,000 finance jobs compared to New York’s 507,000, with these figures focusing exclusively on banking and finance jobs, excluding those in insurance and real estate.
In a troubling development, New York City’s financial services sector experienced a loss of 8,400 jobs from January to August this year.
In contrast, there was a gain of 6,400 jobs during the same time frame in 2024.
Since 2019, the growth in New York City’s financial services sector has been only 4%, while other metropolitan areas have seen substantial increases in banking employment. For instance, Austin, Texas experienced growth of 27%, Charlotte, NC had a rise of 21%, and Dallas, Texas observed an 11% uptick, Wylde elaborated.
The financial services sector contributed to 22% of New York City’s economy in 2024, amounting to $280 billion.
Tax revenues from high salaries and bonuses are crucial to the city’s and state’s finances, providing a significant portion of the tax base.
“It’s vital to halt this outflow. To do so, we must manage our budget effectively—controlling spending and taxes while focusing on public safety and improving affordability,” Wylde stated during the radio interview.
While New York City still holds the lead in banking jobs, its competitors are rapidly closing the gap.
For instance, JP Morgan employs 24,000 individuals in New York City, outpacing the 18,000 it has in Dallas-Fort Worth.
Goldman Sachs also maintains a stronger workforce in New York compared to other areas, but its planned expansion in Dallas poses a risk to this dominance.
Currently, Goldman Sachs employs approximately 7,800 staff in New York City, with its Dallas facility employing over 4,000. However, the firm’s new $500 million Dallas headquarters, set to open in 2028, is expected to increase its workforce there to over 5,000.
The Partnership actively supports the interests of Wall Street and the larger financial services industry.
Wylde acknowledged that reversing the loss of jobs would be a significant endeavor, particularly given New York’s steep business costs.
“We are indeed one of the priciest cities globally, and the most expensive in America for daily living,” she remarked to Catsimatidis.
High litigation and insurance costs rank among the nation’s highest.
“Our car insurance is 49% above the national average. It’s outrageous!” she exclaimed.
Wylde addressed the worries expressed by the business community regarding the candidacy of democratic socialist Zohran Mamdani for mayor.
The Democratic nominee has emerged as the strong frontrunner in a race that includes former Governor Andrew Cuomo running as an independent, and Republican Curtis Sliwa. Existing Mayor Eric Adams announced on Sunday his decision not to seek re-election.
Nevertheless, Wylde maintained an optimistic view regarding the city’s future.
“I want to make it clear that New York is larger than any individual,” she asserted to Catsimatidis.
“We will undeniably ensure New York’s survival,” she continued. “The city is rich with leadership—across nonprofits, in culture, and in business. No single person or leader can threaten New York as long as we unite for the city.”
She declared that the Partnership is a key player in New York’s enduring governance.
“Those of us who have witnessed various political regimes will remain here. We must collaborate with the new mayor… and are prepared for those who get elected,” Wylde concluded.
