JPMorgan Chase & Co now employs more workers in Texas than in New York state — something one top city business advocate called a “scary” development.
And it’s not just the investment giant, there are more jobs in the banking sector in the Lone Star State than in New York, once the unrivaled financial services capital of the country and world, said Kathryn Wylde, president and CEO of the Partnership for New York City.
“Right now, the big challenge is are we going to remain competitive for jobs?” Wylde said Sunday on WABC 770 AM the “Cats Roundtable” program.
“The financial services industry, they’re our biggest taxpayers and major employers — and that industry is shrinking in New York,” she told host John Catsimatidis.
“That’s scary.”
JPMorgan Chase’s employee total in Texas was 31,500 in 2024, the highest in any state and surpassing New York, according to data compiled by the non-profit Partnership for NYC.
The data, provided to The Post Monday, also showed Texas surpassed the Empire State in finance sector employees overall in 2024.
Texas had 519,000 employees, compared with New York’s 507,000, according to the numbers.
That figure includes employees directly related to banking and finance, while insurance and real estate are excluded.
Equally troubling, the financial services sector in New York City shrunk by 8,400 jobs from January through August of this year.
Over the same period in 2024, 6,400 jobs were added.
New York City’s financial services sector has grown by only 4% since 2019.
In contrast, other metro areas have experienced explosive growth in banking jobs over the same period — Austin, Texas grew by 27%, Charlotte, NC up 21% and Dallas, Texas increased 11%, Wylde said.
The financial services sector accounted for 22% of the city’s economy in 2024, totaling $280 billion.
Taxes from high salaries and bonuses provide a significant share of the city and state’s tax base.
“We have to stop the drain. The only way we can do that is we’ve got to manage our budget in a way that we control spending and control taxes and keep public safety and improve affordability,” Wylde said in the WABC radio interview.
New York City still retains the top spot for banking jobs — but other cities are catching up.
For example, JP Morgan employs 24,000 workers in the Big Apple, or 6,000 more than the 18,000 in Dallas-Fort Worth.
New York also has more Goldman Sachs workers than other metro areas, but planned expansions in Dallas threatens that supremacy.
Goldman Sachs employs almost 7,800 individuals in New York City, while its Dallas hub currently employs over 4,000 people.
But Goldman Sachs’ new $500 million Dallas hub, set to open in 2028, will expand its capacity to more than 5,000 employees.
The Partnership advocates for Wall Street and the financial services industry.
Wylde said stopping the exodus of jobs will be a daunting challenge, given New York’s highest in the nation costs to do business.
“We are now one of the most expensive cities in the world. We are the most expensive city in terms of cost of living in America,” she told Catsimatidis.
Litigation and insurance costs in the city are among tops in the nation.
“Our car insurance costs are 49% higher than the national average. It’s crazy!” she said.
Wylde said she understood the concerns of the business community about democratic socialist Zohran Mamdani’s leading candidacy for mayor.
He’s the Democratic nominee and now the clear front-runner to win the election to lead City Hall in a field that also includes ex-Gov. Andrew Cuomo, running as an independent and Republican nominee Curtis Sliwa. Incumbent Mayor Eric Adams announced Sunday he would not run for re-election.
Still, Wyle remained optimistic about the city’s future.
“I’m trying to assure people that New York is bigger than one person,” she told Catsimatidis.
“We absolutely are going to save New York,” she added. “New York is full of leaders … In the nonprofit sector, in the cultural sector, business … No one person, no one leader is a threat to New York as long as we all stick with the city.”
She said the Partnership is part of New York’s “permanent government.”
“Those of us who were around through many political regimes will still be here. We have to work with whomever is mayor….[and] are prepared for whomever is elected,” Wylde said.
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