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The financial sector is the heart of an economy. For an economy to function, a stable financial economy is imperative. The finance market in the US will see strong growth in the upcoming years. It is projected to reach from US$ 31,138 Billion in 2024 to US$ 33,539.52 in 2024 at a CAGR of 7.7%. The growth in the forecast period can be attributed to the increasing wealth of high-net-worth individuals. Wall Street itself depicts New York to be the finance hub. It is the most powerful city in finance. In the year 2022, almost 25% of Sequoia’s investments were in Fintech.
In this article, we will look at the top 10 finance companies in New York:
1. Blackrock Inc:
- Headquarters: New York
- Founded: 1988
- Size: 19,000+ employees
- Revenue: $17.873 Billion (2022)
Blackrock is the newest firm in the mix. The firm occupies over 1 million square feet of space at the brand-new 50 Hudson Yards, an area popularly known as Hell’s Kitchen. Led by Chairman and CEO Larry Fink, BlackRock now operates in 30 countries with more than 70 offices, that serves 100 countries globally. The firm also provides BlackRock Solutions, which tracks investment portfolios for major financial institutions. It is regarded as one of the best finance companies in New York.
2. Vanguard Group:
- Headquarters: USA
- Founded: 1975
- Size: 18,000+ employees
- Revenue: $579 Million (2023)
Vanguard is focused solely on the individual investment sector. An American registered investment advisor, it is the largest provider of mutual funds. The firm was founded by John C Bogle in 1975. It consistently makes up the bulk of top funds for the Lipper Index, a series of indices that benchmark the performance. It offers a full range of individual services including brokerage, financial planning, asset management, and trust work. It is considered as one of the best finance companies in New York.
3. Fidelity Investments
- Headquarters: Massachusetts, US
- Founded: 1946
- Size: 70,000 employees
- Revenue: $24 Billion (2021)
Fidelity Investments has some of the most extensive individual investment options of any company on the list. it offers a large family of mutual and index funds, a brokerage firm, retirement plan services, wealth management advisory, asset custody, and even life insurance. The firm has the sole female CEO, Abigail Johnson, the granddaughter of Edward C. Johnson II, the founder of Fidelity Investments. This firm is considered one of the top finance companies in New York.
4. State Street Global Advisors
- Headquarters: Boston, USA
- Founded: 1978
- Size: 2500+ employees
- Revenue: $12.12 Billion (2022)
the investment management division of the State Street Corporation was created in 1978. However, in 1990, the two entities divided in order for SSGA to expand abroad. Being a long-valued player in indexed mutual funds, SSGA became extremely popular when it created the first exchange-traded fund or ETF, in 1993. It also launched the first real estate ETF in 2006. With global operations, it is the top finance companies in New York.
5. Morgan Stanley
- Headquarters: New York
- Founded: 1935
- Size: 17,000+ employees
- Revenue: $23.1 Billion (2023)
Morgan Stanley has been a staple in the financial community for almost 90 years. The firm was the result of the Glass-Steagull Act, legislation that defined the provisions of the Banking Act of 1933. It was necessitated that banking firms separate their commercial and investment activities. Individual retail investors resonate with Morgan Stanley’s online brokerage subsidiary.
6. J P Morgan Chase & Co.
- Headquarters: New York
- Founded: 2000
- Size: 2,50,000+ employees
- Revenue: $148.8 Billion (2023)
J P Morgan has its roots back to 1799 through the lineage of the Chase Manhattan Bank. The merger of J P Mrgan and Chase in 2000 created the largest bank in the U.S. Under the leadership of Jamie Dimon since 2005, the firm has surged to become the world’s largest bank by market capitalization. Due to the same reason, it is known as the best finance companies in New York.
7. Goldman Sachs
- Headquarters: New York
- Founded: 1869
- Size: 40,000+ employees
- Revenue: $46.25 billion (2023)
It is the second-largest investment bank in the world by revenue. It is ranked 55th on the Fortune 500 list of the largest United States Corporations considering the total revenue growth. It offers services like investment banking in the form of advisory for mergers and acquisitions, restructuring, securities underwriting, prime brokerage, asset management, and wealth management. It is a pioneer in the market for many types of financial products and provides clearing and custodian banking services.
8. Capital Group
- Headquarters: USA
- Founded: 1931
- Size: 9000 employees
- Revenue: $7.6 billion (2023)
Capital Group offers a wide range of actively managed investment options. Its subsidiary, American Funds Distributors, is well-known in the financial community and among its clients due to the popularity of its flagship mutual fund, American Funds Investment Company of America (AIVSX). It is an actively managed growth and income-focused equity fund with an average annual return that has handily performed the S&P 500. Considering these elements and the firm’s operations, it is the best finance companies in New York.
9. Bank of New York Mellon Corp
- Headquarters: New York
- Founded: 2007
- Size: 50,000+ employees
- Revenue: $33.805 Billion (2023)
It was formed upon a merger between The Bank of New York and Mellon Financial Corporation. Even though the current iteration is new, its history dates back to 1784 through its Bank of New York lineage. It is not only amongst the oldest banking firms in the U.S, but it is among the oldest banks in the world. At present, it is the world’s largest custodian bank and security services company.
10. Pimco
- Headquarters: US
- Founded: 1971
- Size: 3000+ employees
- Revenue: $1.4 Billion (2023)
Pimco is an acronym for Pacific Investment Management Company, a firm most famous for its actively managed bond funds. it also offers a diverse array of equities, commodities, and ETF’s. It was founded by Bill Gross in 1971, as a private unit of Pacific Life Insurance Company. The firm has grown to become one the largest investment managers for central banks, pensions, corporations, foundations, and endowments. With its widely spread operations, it is one of the best finance companies in New York.
Conclusion:
New York City is the epicenter of finance in America. It got the honor despite Philadelphia having a first-mover advantage. It became the leader in American finance after the Second Bank of the United States failed to renew its charter in 1836. The turning point was realizing the dominance of Philadelphia’s security exchange market. Such incidents have made it easier for the city to achieve more and more as it got the friction to move forward constantly. Hope this list of top finance companies in New York helps you.
