Zohran Mamdani, a democratic socialist, is the mayor-elect of New York City, often called the financial capital of the world.
Why it matters: While it may still hold that title, New York is increasingly no longer the city with the highest job growth for financial services. Other cities are attracting firms and talent.
State of play: From 2020 to 2023, more than 150 financial firms managing nearly $1 trillion moved their headquarters out of New York, according to Bloomberg News.
- The pandemic led to a shift in how firms thought about where they could work.
By the numbers: The relocation of financial firms after 2020 led to Texas gaining the most finance jobs, and New York losing the third-highest number of jobs in the sector, according to data from the Bureau of Labor Statistics.
- This matches the federal jobs data indicating more financial services jobs were added in Texas than in New York in the 12 months ending in August.
- Florida was a close second to New York in the number of finance jobs added, even as finance job growth has slowed in New York this year.
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.
- "Wall Street" is often the bête noire of retail investors, whose growing influence makes them account for 25% of daily stock trading volume.
The bottom line: Home is where the heart is, and for Wall Street, the heart follows the money.
