"Reality check: When you follow the money, there is no doubt that New York still dominates. The securities industry in the city is set to hit $60 billion in profits for the year, in what would be the highest on record, according to the New York State Comptroller. The city still has more securities jobs than any other city or state in the country, but preliminary data show a dip of 1.5% for these roles in 2025."
"JPMorgan Chase, the largest bank in the nation, just opened a new $3 billion office in the heart of Manhattan. (The bank, however, employs more people in Texas than it does in New York.) Between the lines: Wall Street can be more of a vibe than a place these days. Wall Street South in Florida and Y'all Street in Texas have both gained in popularity, with the Texas Stock Exchange winning federal approval in September."
From 2020 to 2023 more than 150 financial firms managing nearly $1 trillion moved headquarters out of New York. The pandemic changed how firms considered workplace location. The relocations after 2020 led to Texas gaining the most finance jobs and New York losing the third-highest number in the sector; federal data show more financial services jobs added in Texas than in New York in the 12 months ending in August. Florida closely trailed Texas in finance job additions while New York’s finance job growth slowed. Despite relocations, New York’s securities industry is set to reach about $60 billion in profits and still has the highest concentration of securities jobs, though preliminary data show a 1.5% dip in those roles for 2025. Major firms like JPMorgan Chase continue investing in Manhattan even as staff concentrations shift, and new hubs such as Wall Street South and Y’all Street have grown, with retail investors accounting for about 25% of daily trading volume.
Read at Axios
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