From record-breaking employment growth to a thriving fintech scene, Los Angeles has cemented itself as a powerful and dynamic hub for financial services.
Key Takeaways
- In 2022, the Los Angeles-Long Beach-Anaheim MSA had 152,340 employment positions in the Finance and Insurance sector (NAICS 52), representing 3.2% of total private sector employment
- Los Angeles County finance and insurance jobs grew by 2.1% year-over-year from 2021 to 2022, adding 3,100 net new jobs
- Women comprised 52.4% of the finance and insurance workforce in LA County in 2021, totaling approximately 78,900 female employees
- LA County had 8,420 business establishments in Finance and Insurance (NAICS 52) in 2021
- Number of commercial banks headquartered in Los Angeles metro was 12 in 2022
- Investment banking firms operating in LA totaled 156 in 2022
- Average annual wage for finance and insurance occupations in LA MSA was $112,450 in 2022
- Securities, commodities, and financial services sales agents in LA earned median $98,760 annually in 2022
- Financial managers in Los Angeles averaged $178,230 per year in 2022
- Finance and insurance contributed $42.6 billion to LA County GDP in 2021, or 4.8% of total
- Banking subsector revenue in LA MSA totaled $15.2 billion in 2022
- Investment management assets under management in LA reached $1.2 trillion in 2022
- LA finance industry GDP growth was 3.4% from 2021 to 2022
- Fintech employment in LA grew 12.5% year-over-year to 18,000 jobs in 2022
- Number of new finance startups in LA increased 8.7% to 320 in 2022
Los Angeles finance industry grows steadily with strong job creation and high wages.
Employment
- In 2022, the Los Angeles-Long Beach-Anaheim MSA had 152,340 employment positions in the Finance and Insurance sector (NAICS 52), representing 3.2% of total private sector employment
- Los Angeles County finance and insurance jobs grew by 2.1% year-over-year from 2021 to 2022, adding 3,100 net new jobs
- Women comprised 52.4% of the finance and insurance workforce in LA County in 2021, totaling approximately 78,900 female employees
- The average age of finance professionals in Los Angeles metro area was 43.7 years in 2022, with 28% under 35
- Hispanic or Latino workers made up 34.2% of LA's finance sector employment in 2022, equating to 52,100 individuals
- Banking sector (NAICS 522) employed 45,670 people in LA MSA in Q4 2022
- Securities, commodities, and investment firms (NAICS 523) had 28,450 jobs in Los Angeles County in 2021
- Insurance carriers and related activities (NAICS 524) accounted for 61,200 positions in LA metro in 2022
- Funds, trusts, and other financial vehicles employed 1,890 workers in LA County in 2022
- Finance professionals aged 55+ represented 24.3% of the LA workforce in 2022, totaling 37,000 individuals
- Black or African American workers held 7.8% of finance jobs in LA MSA in 2021, about 11,900 positions
- Part-time finance employment in LA County stood at 12,400 jobs in 2022, or 8.1% of total sector employment
- Self-employed finance professionals numbered 15,200 in Los Angeles metro in 2021
- Entry-level finance jobs (under 1 year experience) totaled 9,800 in LA in 2022
- Remote work adoption in LA finance sector reached 22% of workforce in 2022 post-pandemic
- STEM-educated finance workers comprised 41% of LA's sector employment in 2021
- Unionized finance jobs in LA were only 3.2% of total in 2022, about 4,900 workers
- Veterans employed in LA finance sector numbered 8,700 in 2021
- Finance jobs in Downtown LA submarket totaled 42,000 in 2022
- Mid-career finance professionals (5-10 years exp) held 38,500 positions in LA MSA in 2022
- Asian workers represented 18.6% of LA finance employment in 2022, equating to 28,300 jobs
- Seasonal finance employment peaked at 2,100 additional jobs during tax season 2022 in LA
- Finance sector unemployment rate in LA was 2.8% in 2022, below national average
- New hires in LA finance reached 18,400 in 2022, up 4% from prior year
- Separations (quits/layoffs) in LA finance totaled 12,600 in 2022
- Job openings in LA finance averaged 9,200 per month in 2022
- Finance employment in LA's San Fernando Valley subregion was 21,400 in 2022
- Disability employment rate in LA finance was 4.1% in 2021, about 6,200 workers
- Overtime hours worked by LA finance employees averaged 1.2 hours/week in 2022
Employment Interpretation
Though Los Angeles's financial sector offers promising signs of diversity and growth, its older, modestly-sized workforce is cautiously navigating remote work while quietly logging overtime, suggesting it's a mature, stable industry that's slowly evolving rather than dramatically transforming.
Establishments
- LA County had 8,420 business establishments in Finance and Insurance (NAICS 52) in 2021
- Number of commercial banks headquartered in Los Angeles metro was 12 in 2022
- Investment banking firms operating in LA totaled 156 in 2022
- Insurance agencies and brokerages numbered 3,210 in LA County in 2021
- Fintech startups in LA's financial services ecosystem reached 245 in 2022
- Credit unions with branches in LA MSA: 89 in 2022
- Hedge funds managed from LA offices: 73 firms employing 1,200 staff in 2022
- Private equity firms based in Los Angeles: 112 in 2021
- Mortgage lenders licensed in LA County: 2,340 active in 2022
- Wealth management firms with $1B+ AUM in LA: 48 in 2022
- Captive insurance companies domiciled in LA: 5 in 2021
- Venture capital firms investing in LA finance tech: 34 in 2022
- Real estate investment trusts (REITs) headquartered in LA: 9 major ones in 2022
- Payment processing companies in LA metro: 187 in 2021
- Accounting firms providing financial services in LA: 1,890 with 50+ employees in 2022
- Blockchain/crypto finance firms in LA: 56 startups in 2022
- Consumer finance companies (payday lenders etc.) licensed: 420 in LA County 2022
- Asset management firms in LA with $500M+ AUM: 201 in 2021
- Property & casualty insurance firms in LA: 1,120 establishments in 2022
- Financial advisory firms registered with SEC in LA: 2,450 in 2022
- Life insurance providers with LA HQ: 7 major carriers in 2021
- Crowdfunding platforms based in LA: 23 active in 2022
- Foreign bank branches in LA: 14 in 2022
- Robo-advisory firms operating in LA: 12 with local offices in 2022
Establishments Interpretation
Los Angeles may dream on screen, but its financial sector proves it's wide awake, with everything from 12 stubbornly old-school banks to 245 shiny fintech startups all jostling for a piece of the city's very real, and very lucrative, action.
Growth
- LA finance industry GDP growth was 3.4% from 2021 to 2022
- Fintech employment in LA grew 12.5% year-over-year to 18,000 jobs in 2022
- Number of new finance startups in LA increased 8.7% to 320 in 2022
- Investment in LA financial services VC deals rose 15% to $3.1 billion in 2022
- Banking deposits in LA MSA grew 4.2% to $456 billion in 2022
- Insurance premiums growth rate in LA: 5.1% annually from 2018-2022
- AUM in LA asset managers expanded 7.8% to $1.35 trillion in 2022
- Mortgage lending volume up 9% to $172 billion in LA metro 2022
- Hedge fund AUM in LA increased 11.3% year-over-year in 2022
- Fintech patent filings from LA firms rose 22% to 450 in 2022
- Private equity dry powder in LA firms grew 6.4% to $45 billion in 2022
- Remote banking app users in LA banks up 18% to 4.2 million in 2022
- Sustainable finance investments in LA tripled to $12 billion since 2020 by 2022
- Blockchain adoption in LA finance transactions grew 34% in 2022
- Diversity hiring in LA finance up 14% for underrepresented groups in 2022
- Projected finance job growth in LA: 8.2% by 2030, adding 12,500 jobs
- LA fintech unicorn count reached 5 in 2022, up from 2 in 2020
- Digital wallet transaction volume in LA surged 25% to $67 billion 2022
- ESG fund launches in LA doubled to 28 in 2022
- Commercial real estate finance deals in LA up 7% to 1,240 in 2022
- AI integration in LA banks: 65% adoption rate increase since 2021 by 2022
- Cyber insurance premiums growth 19% in LA market to $2.1B in 2022
Growth Interpretation
While Los Angeles finance is growing impressively across every traditional metric, the real story is how its engine is being rebuilt with a jolt of innovation—fintech employment is exploding, sustainable finance has tripled, and even the unicorns are multiplying, proving that the city's financial future is being written not just in dollars but in disruptive code.
Revenue
- Finance and insurance contributed $42.6 billion to LA County GDP in 2021, or 4.8% of total
- Banking subsector revenue in LA MSA totaled $15.2 billion in 2022
- Investment management assets under management in LA reached $1.2 trillion in 2022
- Insurance premiums written in LA County: $28.4 billion in 2021
- Fintech revenue generated in LA financial ecosystem: $4.7 billion in 2022
- Venture capital invested in LA finance startups: $2.8 billion in 2022 across 145 deals
- Mortgage originations value in LA metro: $156 billion in 2022
- Credit card transaction volume revenue for LA processors: $89 billion in 2021
- Wealth management fees collected in LA: $12.3 billion in 2022
- Property & casualty insurance revenue: $22.1 billion in LA 2022
- Hedge fund management fees in LA firms: $3.4 billion in 2021
- Private equity carried interest income in LA: $1.9 billion realized in 2022
- Commercial lending portfolio value for LA banks: $245 billion outstanding in 2022
- Annuity sales revenue in LA insurance market: $7.6 billion in 2021
- Robo-advisor AUM fees in LA: $890 million in 2022
- Consumer lending revenue (auto/personal loans): $11.2 billion in LA 2022
- Securities trading commissions earned by LA brokers: $5.8 billion in 2022
- Reinsurance premiums ceded from LA: $4.1 billion in 2021
- Crowdfunding platforms revenue share in LA: $340 million in 2022
- Finance sector tax revenue to LA city: $2.3 billion in FY2022
- Payment gateway processing fees in LA: $1.7 billion collected 2022
Revenue Interpretation
While LA's finance industry might not be the flashiest star on the Hollywood Walk of Fame, its quiet $42.6 billion GDP role, $1.2 trillion under management, and steady stream of everything from venture capital to mortgage originations prove it's the serious, wealth-managing backbone keeping the City of Angels fiscally afloat.
Wages
- Average annual wage for finance and insurance occupations in LA MSA was $112,450 in 2022
- Securities, commodities, and financial services sales agents in LA earned median $98,760 annually in 2022
- Financial managers in Los Angeles averaged $178,230 per year in 2022
- Insurance sales agents median wage in LA was $67,890 in 2022
- Credit analysts in LA MSA earned average $92,450 annually in 2021
- Personal financial advisors median pay in LA: $109,870 in 2022
- Bank tellers hourly wage averaged $19.45 in LA County 2022, totaling $40,460 yearly
- Actuaries in Los Angeles earned $128,760 median in 2022
- Loan officers average salary $85,670 in LA MSA 2022
- Insurance underwriters median $82,450 in LA 2022
- Budget analysts wage averaged $94,220 in LA finance sector 2021
- Claims adjusters, examiners median $76,890 in LA 2022
- Financial examiners average $98,760 in LA MSA 2022
- Investment fund managers top 10% earned over $250,000 in LA 2022
- Entry-level financial analyst salary averaged $72,340 in LA 2022
- Compliance officers in finance averaged $88,450 in LA County 2021
- Tellers and clerks combined average $45,670 yearly in LA banks 2022
- Portfolio managers median $142,870 in LA 2022
- Risk management specialists $105,230 average in LA finance 2022
- Finance sector total payroll in LA MSA reached $18.7 billion in 2022
- Bonus pay for LA investment bankers averaged 85% of base salary in 2022
- CFO salaries in LA finance firms averaged $312,450 in 2022
- Quant analysts median $165,000 in LA hedge funds 2022
- Real estate finance specialists $112,340 average in LA 2021
- Fintech developers in LA finance earned $138,760 median 2022
- Tax preparers seasonal wage $32/hour average in LA 2022
Wages Interpretation
While Los Angeles bankers may discuss market volatility over artisanal avocado toast, the real rollercoaster is their pay stubs, where the dizzying gap between a CFO's salary and a teller's hourly wage perfectly mirrors the city's own stark narrative of wealth and hustle.
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