Economist Steve Moore discusses New York Metropolis mayoral candidate Zohran Mamdani’s platform on ‘The Backside Line.’
New York’s standing because the U.S. financial system’s main monetary hub may very well be slipping as a number one determine within the metropolis’s enterprise neighborhood is sounding the alarm.
Kathryn Wylde, president and CEO of the Partnership for New York Metropolis, which advocates for town and the monetary trade, mentioned in an look on WABC 770 AM’s the “Cats Roundtable” on Sunday that the shift is a “scary” growth and raises questions in regards to the Massive Apple’s financial competitiveness: “Right now, the big challenge is are we going to remain competitive for jobs?”
Wylde advised host John Catsimatidis that the “financial services industry, they’re our biggest taxpayers and major employers – and that industry is shrinking in New York.”
American flags on the ground on the New York Inventory Change in New York, on Aug. 18, 2025. (Michael Nagle/Bloomberg by way of Getty Photographs / Getty Photographs)
Information compiled by the Partnership for NYC that was supplied to the New York Put up on Monday confirmed that the state of New York has been surpassed by Texas by way of the scale of the monetary sector workforce within the two states.
VOTERS IN MAJOR US CITY VIEW CAPITALISM ONLY SLIGHTLY MORE FAVORABLY THAN SOCIALISM, FOX NEWS POLL FINDS
The group’s knowledge confirmed that Texas had 519,000 monetary sector workers in 2024, above the 507,000 monetary providers staff in New York. That determine consists of workers in banking and finance roles, whereas excluding insurance coverage and actual property staff.
It additionally confirmed that the monetary providers sector in New York Metropolis shrunk by 8,400 jobs from January by way of August this yr, after it added 6,400 jobs in the identical interval final yr.
Since 2019, NYC’s monetary providers workforce grew by solely 4% – a a lot slower price than rising rival metro areas like Austin, which grew 27%, Charlotte gained 21% and Dallas elevated 11%.
TREASURY’S BESSENT WARNS NYC: NO BAILOUT UNDER MAMDANI – ‘DROP DEAD’
Moreover, it confirmed that JPMorgan Chase now employs extra staff in Texas than within the state of New York, with about 31,500 staff within the Lone Star State final yr, which made its workforce in Texas the biggest of any state.
JPMorgan Chase now employs extra staff in Texas than within the state of New York. (Al Drago/Bloomberg by way of Getty Photographs / Getty Photographs)
Regardless of the slowing progress, New York Metropolis stays the chief by way of banking jobs as different metro areas shut in. The report famous that JPMorgan has 24,000 staff in NYC, topping the 18,000 within the Dallas-Fort Value metropolitan space. Goldman Sachs at the moment has 7,800 staff in NYC, although its Dallas hub is ready to develop from 4,000 workers to greater than 5,000.
PREDICTION MARKET TRADERS GIVE MAMDANI 84% CHANCE OF WINNING NEW YORK MAYORAL RACE
“We have to stop the drain. The only way we can do that is we’ve got to manage our budget in a way that we control spending and control taxes and keep public safety and improve affordability,” Wylde advised WABC in the course of the interview.
Wylde mentioned that she understands the considerations in regards to the rise of New York Assemblyman Zohran Mamdani, a democratic socialist candidate for New York Metropolis mayor who’s the frontrunner within the race, however mentioned that she is “trying to assure people that New York is bigger than one person.”
New York Metropolis mayoral candidate Zohran Mamdani is the frontrunner within the race. (Reuters/Bing Guan / Reuters)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“We absolutely are going to save New York. New York is full of leaders… In the nonprofit sector, in the cultural sector, business… No one person, no one leader is a threat to New York as long as we all stick with the city,” Wylde advised Catsimatidis.
