JPMorgan Chase & Co now employs more workers in Texas than in New York state \u2014 something one top city business advocate called a \u201cscary\u201d development.<\/p>\n
And it\u2019s 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.<\/p>\n
\u201cRight now, the big challenge is are we going to remain competitive for jobs?\u201d Wylde said Sunday on WABC 770 AM the \u201cCats Roundtable\u201d <\/a>program.<\/p>\n JPMorgan Chase & Co now employs more workers in Texas than in New York state. Christopher Sadowski<\/p>\n \u201cThe financial services industry, they\u2019re our biggest taxpayers and major employers \u2014 and that industry is shrinking in New York,\u201d she told host John Catsimatidis.<\/p>\n \u201cThat\u2019s scary.\u201d<\/p>\n JPMorgan Chase\u2019s <\/a>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.<\/p>\n The data, provided to The Post Monday, also showed Texas surpassed the Empire State in finance sector employees overall in 2024.<\/p>\n Texas had 519,000 employees, compared with New York\u2019s 507,000, according to the numbers.<\/p>\n That figure includes employees directly related to banking and finance, while insurance and real estate are excluded.<\/p>\n Equally troubling, the financial services sector in New York City shrunk by 8,400 jobs <\/a>from January through August of this year.<\/p>\n Over the same period in 2024, 6,400 jobs were added.<\/p>\n New York City\u2019s financial services sector has grown by only 4% since 2019.<\/p>\n In contrast, other metro areas have experienced explosive growth in banking jobs over the same period \u2014 Austin, Texas grew by 27%, Charlotte, NC up 21% and Dallas, Texas increased 11%, Wylde said.<\/p>\n And it\u2019s not just the investment giant, there are more jobs in the banking sector in the Lone Star State than in New York. John Angelillo\/UPI\/Shutterstock<\/p>\n The financial services sector accounted for 22% of the city\u2019s economy in 2024, totaling $280 billion. <\/p>\n