Economist Steve Moore discusses the mayor of the mayor of New York City Zohran Mamdani on ‘The Bottom Line’.
New York status as the leading of the American economy financial hub Could slip as a leading figure in the business world sounds alarm.
Kathryn Wylde, President and CEO of the Partnership for New York City, who pleads for the city and the financial sector, said in an appearance on Wabc 770 AM’s the “Cats Roundtable” on Sunday that the shift is a “scary” development and questions about the economic competitions of the big apple? “
Wylde told host John Catsimatidis that “financial services, they are our greatest taxpayers and large employers – and that the industry in New York is shrinking.”
American flags on the floor at the New York Stock Exchange in New York, on August 18, 2025. (Michael Nagle / Bloomberg via Getty Images / Getty images)
Data collected by the partnership for NYC that has been provided to the New York Post On Monday it turned out that the state of New York was surpassed by Texas in terms of the size of the workforce of the financial sector in the two states.
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The data of the group showed that Texas had 519,000 financial sector employees in 2024, over 507,000 financial service providers in New York. This figure includes employees in bank and financial roles, while excluding insurance and real estate staff.
It also showed that the financial services sector in New York City Krompen with 8,400 jobs from January to August this year, after it had added 6,400 jobs in the same period last year.
Since 2019, NYC’s Financial Services Workforce has grown by only 4% – a much slower rate than emerging rival metro lines such as Austin, which grew 27%, Charlotte won by 21% and Dallas rose by 11%.
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Moreover, it showed that JPMorgan Chase Now employs more employees in Texas than in the state of New York, with around 31,500 employees in the Lone Star State last year, who made its workforce in Texas the largest of each state.
JPMorgan Chase now employs more employees in Texas than in the state of New York. (Al Drago / Bloomberg via Getty Images / Getty images)
Despite the delaying growth, New York City remains the leader in terms of bank courts, since other metro lines come close. The report noted that JPMorgan has 24,000 employees in NYC, with the 18,000 in the metropolitan area of ​​Dallas-Fort Worth. Goldman Sachs Currently, 7,800 employees in NYC, although the Dallas Hub grows from 4,000 employees to more than 5,000.
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“We have to stop the drain. The only way we can do that is that we have to manage our budget in a way that we check and maintain public security and improve affordability,” Wylde Wabc said during the interview.
Wylde said that she understands the worries about the rise of the New York assembly Zohran Mamdani, a democratic socialist candidate for mayor of New York City, who is the leader in the race, but said that she is “trying to assure people that New York is larger than one person.”
Mayoral candidate Zohran Mamdani in New York City is the leader in the race. (Reuters / Bing Guan / Reuters)
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“We are definitely going to save New York. New York is full of leaders … in the non -profit sector, in the cultural sector, the business world … No one person, no leader is a threat to New York, as long as we all stay with the city,” Wyldde to Catsimatidis.
