From executive paychecks that break records to the relentless hum of cybersecurity hiring, New York's banking industry is a financial titan built on staggering scale and fascinating human capital, managing trillions in assets while navigating a complex web of technological transformation and regulatory demands.
Key Takeaways
- As of 2023, New York State hosted 47 FDIC-insured commercial banks headquartered in the state, representing 4.2% of all U.S. commercial banks.
- The New York banking sector employed approximately 142,500 full-time workers in 2022, accounting for 12.3% of the state's total financial services employment.
- Average annual wage for bank tellers in New York City metro area was $42,760 in 2023, 28% above the national average.
- Total assets of FDIC-insured banks in New York State reached $2.37 trillion in Q3 2023.
- Deposits in New York banks grew by 7.8% year-over-year to $1.92 trillion as of June 2023.
- New York commercial banks held 15.2% of U.S. total banking assets in 2022 ($3.1 trillion share).
- Commercial and industrial loans in New York banks totaled $312 billion in Q3 2023.
- Real estate loans in NY banking sector reached $1.05 trillion, 52% of total loans in 2023.
- Residential mortgage loans outstanding in NY banks were $678 billion as of June 2023.
- Total net interest income for New York banks was $78.4 billion in 2022.
- Net income of FDIC-insured NY banks reached $22.1 billion in 2023.
- Return on assets (ROA) for NY banks averaged 1.12% in Q3 2023.
- New York banks reported 1,234 regulatory violations in 2023, down 7% from 2022.
- Capital adequacy ratio under Basel III for NY banks averaged 14.2% in Q3 2023.
- NY DFS conducted 456 examinations of banking institutions in 2023.
New York's banking industry is a large, growing, and highly regulated sector with strong digital adoption.
Financial Assets
- Total assets of FDIC-insured banks in New York State reached $2.37 trillion in Q3 2023.
- Deposits in New York banks grew by 7.8% year-over-year to $1.92 trillion as of June 2023.
- New York commercial banks held 15.2% of U.S. total banking assets in 2022 ($3.1 trillion share).
- Noninterest-bearing deposits in NY banks constituted 22.4% of total deposits in Q2 2023.
- Loan-to-deposit ratio for New York banks averaged 78.6% in 2023.
- Securities portfolio of NY banks totaled $512 billion in Q3 2023, up 4.1% from prior year.
- Cash and due from banks assets in NY reached $189 billion, 8% of total assets in 2022.
- Goodwill and intangibles on NY bank balance sheets were $28.5 billion in 2023.
- Trading assets in New York banks amounted to $145 billion as of Q1 2023.
- Total liabilities of NY banks excluding deposits were $289 billion in 2022.
- Equity capital ratio for NY banks averaged 12.1% in Q3 2023.
- Federal funds sold by NY banks totaled $76 billion in mid-2023.
- Premises and fixed assets in NY banking sector valued at $19.2 billion in 2023.
- Other real estate owned (OREO) assets in NY banks were $1.45 billion in Q2 2023.
- NY banks' net deferred tax assets stood at $4.7 billion in 2022.
- Brokered deposits in New York banks comprised 9.8% of total deposits in 2023.
- Total assets under management by NY trust departments exceeded $4.2 trillion in 2023.
- NY banking subsidiaries held $1.8 trillion in consolidated assets per OCC reports 2023.
Financial Assets Interpretation
New York banks are sitting on a mountain of money so vast that they can afford to be slightly bored with $1.92 trillion in deposits, yet they still responsibly keep a 12.1% equity cushion because even titans need a sensible mattress.
Innovation and Technology
- 65% of New York banks adopted open banking APIs by end-2023.
- Mobile banking app users in NY banks reached 18.7 million in 2023, up 12%.
- Blockchain transactions processed by NY banks: 4.2 million in 2022.
- AI-driven fraud detection prevented $1.8 billion losses in NY banks 2023.
- Digital deposit accounts opened in NY banks: 2.1 million in 2023.
- Robo-advisory assets under management in NY banks: $156 billion in 2023.
- Contactless payment transactions in NY banks: 1.2 billion in 2023.
- Cloud migration completion rate in NY banks: 78% by Q4 2023.
- RegTech software spend by NY banks: $1.9 billion in 2023.
- Biometric authentication adoption in NY banking apps: 89% in 2023.
- Quantum computing pilots by NY banks: 5 active in 2023.
- Neobank partnerships with NY banks: 14 new in 2023.
- Digital wallet transactions volume in NY: $456 billion in 2023.
- Machine learning models for credit scoring used by 92% of NY banks in 2023.
- Sustainable fintech investments by NY banks: $3.4 billion in 2023.
Innovation and Technology Interpretation
While New York's banks are now less temples of marble and more temples of code, their serious mission endures, harnessing a dizzying array of tech—from the 65% adopting open APIs to the AI saving $1.8 billion from fraud—to securely serve the 18.7 million of us tapping away on our phones.
Lending Activities
- Commercial and industrial loans in New York banks totaled $312 billion in Q3 2023.
- Real estate loans in NY banking sector reached $1.05 trillion, 52% of total loans in 2023.
- Residential mortgage loans outstanding in NY banks were $678 billion as of June 2023.
- Consumer loans in New York banks amounted to $89.4 billion in Q2 2023.
- Credit card loans issued by NY banks totaled $142 billion in 2023.
- Delinquency rate on NY bank commercial loans was 1.2% in Q3 2023.
- Nonperforming loans ratio for NY banks stood at 0.89% in 2023.
- New commercial real estate loans originated by NY banks: $45.6 billion in H1 2023.
- Small business lending by NY banks exceeded $12.7 billion under SBA programs in FY2023.
- Multifamily lending in NYC by banks totaled $28.4 billion in 2022.
- Charge-offs on NY bank loans were $2.1 billion in 2023, down 15% from 2022.
- Net charge-offs to loans ratio for NY banks: 0.32% in Q3 2023.
- Past due loans over 90 days in NY banks: 0.67% of total loans in 2023.
- Agricultural loans in NY banks totaled $1.2 billion, stable in 2023.
- Lease financing receivables in NY banks: $18.9 billion in Q2 2023.
- Paycheck Protection Program loans forgiven in NY banks: $34 billion by end-2023.
- Construction and land development loans in NY: $56.3 billion in 2023.
Lending Activities Interpretation
The Empire State's financial engine is clearly running on real estate, with over a trillion dollars proving New York banks are still betting the house—literally—while keeping a remarkably steady hand, as their delinquency and charge-off numbers suggest they're navigating this towering debt landscape with surprising care.
Profitability Metrics
- Total net interest income for New York banks was $78.4 billion in 2022.
- Net income of FDIC-insured NY banks reached $22.1 billion in 2023.
- Return on assets (ROA) for NY banks averaged 1.12% in Q3 2023.
- Return on equity (ROE) in New York banking sector was 9.8% for 2023.
- Noninterest income from NY banks totaled $41.2 billion in 2022.
- Operating expenses in NY banks rose 5.4% to $92.7 billion in 2023.
- Provision for loan losses in NY banks was $4.8 billion in Q3 2023.
- Efficiency ratio for New York banks averaged 58.2% in 2023.
- Mortgage banking income in NY banks: $6.7 billion in 2022.
- Trading revenue for NY banks totaled $12.4 billion in 2023.
- Gain on sale of loans in NY banking: $3.2 billion in H1 2023.
- Salaries and employee benefits expense in NY banks: $38.9 billion in 2022.
- FDIC deposit insurance assessments for NY banks: $1.1 billion in 2023.
- Other real estate owned gains/losses netted -$456 million for NY banks in 2023.
- Venture capital income from NY bank investments: $890 million in 2022.
- Net interest margin (NIM) for NY banks was 3.21% in Q3 2023.
- Total revenue growth in NY banking sector: 8.7% YoY in 2023.
Profitability Metrics Interpretation
Despite hauling in a staggering $78.4 billion in interest and another $41.2 billion in fees, New York banks still managed to spend $92.7 billion and turn a profit of only $22.1 billion, proving that making a fortune on Wall Street requires first spending a slightly larger one.
Regulatory Compliance
- New York banks reported 1,234 regulatory violations in 2023, down 7% from 2022.
- Capital adequacy ratio under Basel III for NY banks averaged 14.2% in Q3 2023.
- NY DFS conducted 456 examinations of banking institutions in 2023.
- Liquidity coverage ratio (LCR) for large NY banks exceeded 140% in 2023.
- Number of de novo banks chartered in NY: 3 in 2023.
- NY banks paid $245 million in civil money penalties in 2022.
- Community Reinvestment Act (CRA) ratings: 92% of NY banks rated satisfactory or better in 2023.
- AML fines imposed on NY banks totaled $112 million in 2023.
- Net stable funding ratio (NSFR) compliance: 100% for NY G-SIBs in 2023.
- Cybersecurity incidents reported by NY banks: 1,234 in 2023, per DFS.
- Fair lending complaints against NY banks: 2,167 in FY2023.
- Stress test results: All NY Category I banks passed 2023 Fed tests with CET1 >4.5%.
- NY banks under FDIC enforcement actions: 12 as of Q4 2023.
- Volcker Rule conformance filings by NY banks: 156 in 2023.
- Bank secrecy act examinations in NY: 289 completed in 2023.
- NY banking charters revoked: 0 in 2023, lowest in decade.
- Dodd-Frank resolution plan submissions by NY banks: 8 in July 2023.
- Consumer protection violations fined $78 million in NY banks 2023.
- Fintech-bank partnerships regulated under NY BitLicense: 23 active in 2023.
- New York banks invested $2.45 billion in AI compliance tech in 2023.
Regulatory Compliance Interpretation
New York’s banks, while happily boasting sturdier capital buffers and fewer regulatory slips, are clearly still spending a fortune on fines and fancy tech to manage their perennial tango with trouble.
Workforce Statistics
- As of 2023, New York State hosted 47 FDIC-insured commercial banks headquartered in the state, representing 4.2% of all U.S. commercial banks.
- The New York banking sector employed approximately 142,500 full-time workers in 2022, accounting for 12.3% of the state's total financial services employment.
- Average annual wage for bank tellers in New York City metro area was $42,760 in 2023, 28% above the national average.
- New York banking industry saw a 3.1% year-over-year increase in loan officers employment, reaching 18,200 positions in Q4 2023.
- Financial managers in New York banking averaged $198,450 annual salary in 2022, highest in the U.S. banking sector.
- 15,400 credit analysts were employed in New York's banking industry in 2023, with a 4.5% growth from 2021.
- New York State banking sector had 9,200 compliance officers in 2023, up 6.2% due to regulatory demands.
- IT specialists in New York banks numbered 25,600 in 2022, comprising 18% of total banking workforce.
- Female representation in New York banking executive roles was 32.1% as of 2023 surveys.
- Turnover rate in New York retail banking jobs was 14.7% in 2022, below national average of 18.2%.
- New York banking industry added 2,100 cybersecurity experts between 2021-2023.
- 7,800 branch managers employed in NY banks in 2023, with median wage of $112,340.
- Diversity hiring in NY banks increased 11% for underrepresented minorities in 2023.
- New York banking workforce aged 25-34 constitutes 28.4% of total employees in 2022.
- Remote work adoption in NY banking reached 42% of workforce by mid-2023.
- Training hours per employee in NY banks averaged 52 hours annually in 2023.
- Unionized workforce in NY banking stands at 8.2% as of 2023 labor reports.
- Entry-level teller positions in NYC banks had 22% applicant pool from local colleges in 2023.
- NY banking sector projected to add 5,200 jobs by 2025 per BLS outlook.
- Veteran employment in NY banks was 4.1% of workforce in 2022.
Workforce Statistics Interpretation
While New York’s banks may be few in number, they punch far above their weight, crafting a high-stakes, high-wage ecosystem where sharp analysts, vigilant compliance officers, and well-paid tellers navigate a digital revolution—all while slowly, and somewhat begrudgingly, making room for more women and fresh graduates at the table.
Sources & References
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