Data appears in the financial services industry in New York City,

New York status as a leadership of the American economy The financial axis It can slip as a leading figure in the city’s business community, highlighting the alarm.

Catherine Wilde, President and CEO of New York City, which calls for the city and the financial industry, said in its appearance on Wabc 770 in the morning “Cats Roundtable” on Sunday that the transformation is “frightening development” and asking questions about Big Apple’s economic competitiveness: “At the present time, the big challenge is that we do what it is in the job?”

“The financial services industry, we are the biggest taxpayers and the main employers – and that this industry is shrinking in New York.”

The data collected by the partnership of New York City and submitted to Fox Business on Monday showed that New York State has been overlooked by Texas in terms of the size of the workforce in the financial sector in the two countries.

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Group data showed that Texas has 519,000 employees in the financial sector in 2024, higher than 507,000 financial services workers in New York. This number includes employees in banking and financial roles, with workers excluding insurance and real estate.

It also showed that the financial services sector is in New York City It shrunk by 8,400 jobs from January to August this year, after adding 6400 jobs in the same period last year.

Since 2019, the Workforce of Financial Services in New York City has grown by only 4 % – at a much slower rate than emerging competitors such as Austin, which has grown 27 %, Charlotte gained 21 % and Dallas increased by 11 %.

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In addition, showed this Jpmorgan Chase More than 31,500 workers in the state of Lun Star last year, which made its power operating in Texas the greatest state.

“We are witnessing an acceleration in financial services jobs that are transferred to the states where the cost of living and commercial practice is much lower than New York,” Wilde told Fox Business: “The headquarters remains here, but our tax base is shrinking with people’s transfer. Low taxes are the largest competitive advantage for other states, allowing financial professionals to move from giving 55 % of their profits to the government in New York City to 38 % in Texas or Florida.”

Despite the slowdown, New York City remains the leading company in terms of banking functional with the closure of other metro areas. The report indicated that JPMorgan has 24,000 workers in New York City, as it tops 18,000 in the Dallas Fort Worth region. Goldman Sachs Currently, there are 7,800 workers in New York City, although Dallas Hub is scheduled to grow from 4000 employees to more than 5,000.

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“We have to stop spending. The only way we can do this is to manage our budget in a way that we control spending and controlling public safety and improving the ability to withstand costs,” Wildly told Wabc during the interview.

Wilde said that she understands concerns about the rise of a member of the New York House of Representatives Zahran Mamdani, the Social Democratic candidate for the position of mayor of New York City, who is the race to race, but she said she “is trying to assure people that New York is greater than one person.”

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“We will save New York at all. New York is full of leaders … in the non -profit sector, in the cultural sector, work … no one, no one, the leader is a threat to New York as long as we all adhere to the city.”