From Northern Trust's trillion-dollar asset management to the daily roar of billions traded at CME Group, Chicago's financial sector isn't just a powerhouse—it's a booming engine that directly supports one in every nine jobs in the city.
Key Takeaways
- In 2023, Chicago's financial services sector employed 287,400 workers, accounting for 11.2% of the metropolitan area's total employment.
- The average annual wage for financial managers in Chicago was $192,340 in 2022.
- Chicago had 45,200 securities, commodities, and financial services sales agents employed in 2023.
- Chicago hosts the headquarters of Northern Trust Corporation, managing $1.4 trillion in assets as of 2023.
- CME Group, based in Chicago, reported trading volume of 25.6 billion contracts in 2023.
- BMO Harris Bank, headquartered in Chicago, has 600 branches across the Midwest in 2023.
- Chicago's financial services industry contributed $28.5 billion to GDP in 2022, or 9.8% of metro GDP.
- Finance and insurance subsector generated $15.2 billion in value added in Chicago metro 2022.
- The sector paid $22.1 billion in wages and salaries in Chicago metro area in 2022.
- Chicago metro financial institutions held $2.8 trillion in total assets in 2023.
- Northern Trust managed $1.44 trillion AUM primarily from Chicago operations in 2023.
- Chicago-based mutual funds had $450 billion in AUM as of end 2022.
- Fintech startups in Chicago raised $850 million in funding in 2023.
- Number of fintech firms in Chicago grew 18% from 2022 to 2023, reaching 450.
- Chicago's financial services job postings increased 15% YoY in 2023.
Chicago's financial services industry is a major and growing economic powerhouse for the city.
Assets Under Management
1Chicago metro financial institutions held $2.8 trillion in total assets in 2023.
Verified2Northern Trust managed $1.44 trillion AUM primarily from Chicago operations in 2023.
Verified3Chicago-based mutual funds had $450 billion in AUM as of end 2022.
Verified4Commercial banks in Chicago MSA had $1.1 trillion in deposits in Q4 2023.
Directional5Pension funds administered in Chicago totaled $900 billion in assets 2023.
Single source6Chicago hedge funds managed $250 billion AUM collectively in 2023.
Verified7Real estate investment trusts (REITs) HQ'd in Chicago controlled $180 billion assets 2022.
Verified8Chicago insurance companies held $350 billion in policyholder reserves 2023.
Verified9Exchange-traded funds listed on CME Chicago had $120 billion AUM 2023.
Directional10Private equity firms in Chicago managed $140 billion in commitments 2023.
Single source11Chicago venture capital funds had $75 billion under management end 2023.
Verified12Broker-dealers in Chicago oversaw $600 billion client assets 2022.
Verified13Chicago's wealth management sector AUM reached $500 billion in 2023.
VerifiedAssets Under Management Interpretation
Amidst all these staggering trillions, one can't help but note that Chicago's financial sector is basically a high-stakes game of "hold my latte," where everyone is quietly holding more money than the GDP of most countries.
Economic Contribution
1Chicago's financial services industry contributed $28.5 billion to GDP in 2022, or 9.8% of metro GDP.
Verified2Finance and insurance subsector generated $15.2 billion in value added in Chicago metro 2022.
Verified3The sector paid $22.1 billion in wages and salaries in Chicago metro area in 2022.
Verified4Financial services establishments numbered 8,450 in Chicago MSA in 2022, generating $45 billion revenue.
Directional5Tax revenue from Chicago's financial sector reached $3.8 billion in fiscal year 2023.
Single source6The industry supported 1 in 9 jobs in Chicago with multiplier effect of 2.8 in 2022.
Verified7Chicago financial firms exported $12.4 billion in services internationally in 2022.
Verified8Venture capital invested in Chicago finance startups totaled $1.2 billion in 2023.
Verified9The sector's output grew 4.5% YoY in real terms in Chicago metro Q1 2024.
Directional10Chicago financial services represented 14% of Illinois state GDP in 2022.
Single sourceEconomic Contribution Interpretation
Chicago's financial engine doesn't just hum politely in the background; it roars with a quarter-trillion-dollar GDP contribution, tax revenues that could fund a small country, and a job-creating multiplier that proves money really can grow on trees—or at least in its robust exchanges, banks, and innovative startups.
Employment and Workforce
1In 2023, Chicago's financial services sector employed 287,400 workers, accounting for 11.2% of the metropolitan area's total employment.
Verified2The average annual wage for financial managers in Chicago was $192,340 in 2022.
Verified3Chicago had 45,200 securities, commodities, and financial services sales agents employed in 2023.
Verified4Financial examiners in Chicago numbered 2,180 in 2022 with a mean wage of $124,560.
Directional5The finance and insurance industry in Chicago metro added 4,200 jobs from 2021 to 2022.
Single source6Women comprised 45.3% of the financial services workforce in Chicago in 2022.
Verified7Chicago's financial sector had a workforce diversity index of 0.72 in 2023.
Verified8Entry-level financial analysts in Chicago earned $68,450 on average in 2023.
Verified9There were 12,500 insurance underwriters employed in Chicago metro in 2022.
Directional10Financial services occupations grew by 2.1% year-over-year in Chicago Q4 2023.
Single source11In 2023, Chicago's financial services sector employed 287,400 workers, accounting for 11.2% of the metropolitan area's total employment.
Verified12The average annual wage for financial managers in Chicago was $192,340 in 2022.
Verified13Chicago had 45,200 securities, commodities, and financial services sales agents employed in 2023.
Verified14Financial examiners in Chicago numbered 2,180 in 2022 with a mean wage of $124,560.
Directional15The finance and insurance industry in Chicago metro added 4,200 jobs from 2021 to 2022.
Single source16Women comprised 45.3% of the financial services workforce in Chicago in 2022.
VerifiedEmployment and Workforce Interpretation
Chicago's financial sector employs nearly one in nine workers, pays handsomely to manage and examine its flows, and continues to grow—though it's still figuring out its gender balance.
Growth and Innovation
1Fintech startups in Chicago raised $850 million in funding in 2023.
Verified2Number of fintech firms in Chicago grew 18% from 2022 to 2023, reaching 450.
Verified3Chicago's financial services job postings increased 15% YoY in 2023.
Verified4Adoption of blockchain in Chicago banks rose to 35% in 2023 surveys.
Directional5AI investments by Chicago financial firms totaled $450 million in 2023.
Single source6Chicago ranked #5 US fintech hub with 12% CAGR in startups 2018-2023.
Verified7Regulatory tech (RegTech) companies in Chicago numbered 65 in 2023.
Verified8Digital banking users in Chicago metro grew 22% to 4.2 million in 2023.
Verified9Chicago financial sector patents filed increased 25% YoY to 1,200 in 2023.
Directional10ESG investment products launched in Chicago hit 50 new ones in 2023.
Single source11Chicago's cyber fintech security startups raised $300 million in 2023.
Verified12Insurtech firms in Chicago expanded to 120 companies by end 2023.
VerifiedGrowth and Innovation Interpretation
While the Windy City's traditional financial towers stand firm, their foundations are now buzzing with the electric hum of blockchain, AI, and an army of startups, proving that Chicago isn't just trading futures but actively building them.
Major Institutions and Companies
1Chicago hosts the headquarters of Northern Trust Corporation, managing $1.4 trillion in assets as of 2023.
Verified2CME Group, based in Chicago, reported trading volume of 25.6 billion contracts in 2023.
Verified3BMO Harris Bank, headquartered in Chicago, has 600 branches across the Midwest in 2023.
Verified4William Blair & Company, a Chicago-based investment firm, managed $89 billion in assets in 2022.
Directional5The Options Clearing Corporation in Chicago cleared 5.8 billion contracts in 2023.
Single source6Nuveen Investments, Chicago HQ, oversaw $1.2 trillion in managed assets end of 2023.
Verified7Chicago-based Allstate Insurance employed 54,000 people globally with $51 billion revenue in 2022.
Verified8DRW Trading, Chicago proprietary firm, traded over $100 billion daily volume in 2023.
Verified9Citadel, founded in Chicago, managed $62 billion in assets as of 2023.
Directional10Mesirow Financial, Chicago firm, provided services to 2,500 institutional clients in 2023.
Single sourceMajor Institutions and Companies Interpretation
From its trading pits to its corporate towers, Chicago doesn't just move money—it choreographs the global financial ballet with a Midwestern steadiness that turns trillions into business as usual.
Sources & References
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