What are the top financial centers in the United States?
The top global financial cities are New York City, London, Singapore, Hong Kong, and San Francisco, as determined by the GFCI 34 rankings. Other important financial centers around the world include Shanghai, Frankfurt, Zurich, Tokyo, and Chicago.
The top global financial cities are New York City, London, Singapore, Hong Kong, and San Francisco, as determined by the GFCI 34 rankings. Other important financial centers around the world include Shanghai, Frankfurt, Zurich, Tokyo, and Chicago.
| Ranking | Financial Center | Change in Rank 2022-2023 |
|---|---|---|
| 1 | New York | +0 |
| 2 | London | +0 |
| 3 | Singapore | +0 |
| 4 | Hong Kong SAR | +0 |
Key Findings. Toronto is the second-largest financial centre in North America, behind only New York, and is ranked seventh globally, in employment.
The U.S. central banking system—the Federal Reserve, or the Fed—is the most powerful economic institution in the United States, perhaps the world. Its core responsibilities include setting interest rates, managing the money supply, and regulating financial markets.
1. New York. From its origins as the U.S.'s first federal capital to its present status as a financial linchpin, New York has been the home to the country's major financial markets since the NYSE opened in 1792.
| Level | Banking | Professional services |
|---|---|---|
| 1 | New York City | New York City |
| 2 | Shenzhen | Singapore |
| 3 | Shanghai | London |
| 4 | Beijing | Hong Kong |
New York City remains the largest centre for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy. The NYSE and NASDAQ are the two largest stock exchanges in the world.
New York City is not only the financial capital of America but also of the world. While the city's financial dealings grew out of Wall Street, at the southern tip of Manhattan, large financial institutions and companies are now spread out throughout the city.
- DBS was named the World's Best Bank of 2022. ...
- J.P. Morgan won the title of the World's Best Corporate Bank. ...
- CaixaBank is considered the World's Best Consumer Bank. ...
- HSBC was awarded the title of the World's Best Emerging Markets Bank.
What is the second largest banking center in the United States?
Charlotte, a landlocked, mid-sized southern city, is an unlikely candidate for a world-class financial center. Despite these hurdles, Charlotte is the second-largest financial center in the United States with an interesting history of how it got there. Charlotte's earliest financial boom started with gold.
The New York City metro area has 201 banks -- about 10 banks for every 100,000 residents -- with $1.8 trillion put in deposit accounts within NYC area branches.
Federal Reserve Banks' stock is owned by banks, never by individuals. Federal law requires national banks to be members of the Federal Reserve System and to own a specified amount of the stock of the Reserve Bank in the Federal Reserve district where they are located.
The Federal Reserve is not funded by congressional appropriations. Its operations are financed primarily from the interest earned on the securities it owns—securities acquired in the course of the Federal Reserve's open market operations.
Just as Congress and the president control fiscal policy, the Federal Reserve System dominates monetary policy, the control of the supply and cost of money. Since monetary policy affects every sector of the economy, the Fed has to be considered coequal with the president and Congress in macroeconomic decision making.
Finance has always been a key industry for Charlotte dating back to the gold rush of the early 1800s and the opening of a Federal Reserve Bank branch in 1927. But it was the megamergers in the 1980s and 1990s that defined Charlotte's stature as a banking empire and cemented the city as a global financial destination.
| Rank by Asset Size | Bank Name | Total Assets |
|---|---|---|
| 1. | Chase Bank | $3.38 trillion |
| 2. | Bank of America | $2.45 trillion |
| 3. | Wells Fargo | $1.7 trillion |
| 4. | Citibank | $1.68 trillion |
Switzerland is a notorious worldwide standard for financial safe-havens. Switzerland and banking are almost synonymous with anyone around the world. This highly developed, multilingual European country has become the global standard for financial stability throughout several generations.
JPMorgan Chase & Co. (JPM) is perhaps the most important financial institution in U.S. history. The firm is the largest bank in the U.S. and one of the biggest financial conglomerates in the world.
Future Treasury Secretary Alexander Hamilton founds the Bank of New York, the oldest continuously operating bank in the United States—operating today as BNY Mellon.
Is Charlotte the second largest banking center?
Financial experts know Charlotte as the nation's second largest banking center (next to New York City), with more than $362 billion in banking assets.
Houston is a major corporate center. The city and surrounding metropolitan region is home to 23 Fortune 500 companies, as well as other multinationals and domestic companies.
The U.S. economy has two main sources for financial capital: private savings from inside the U.S. economy and public savings. These include the inflow of foreign financial capital from abroad.
The Financial District of Lower Manhattan, including Wall Street, is the world's principal financial and fintech center. The City of New York was created in the modern-day Financial District in 1624, and the neighborhood roughly overlaps with the boundaries of the New Amsterdam settlement in the late 17th century.
New York City is the world's most sophisticated and diverse financial center. Home to 45 Fortune 500 companies, NYC boasts the deepest capital pools, the finest international talent, and an administration that is committed to strengthen the city's financial base.
