US financial services cybersecurity spending is forecast to hit $188.4 billion in 2024, while New York’s SHIELD platform logged a 99.99% uptime target in 2023. At the same time, major capital markets benchmarks moved sharply in 2023, with the NYSE Composite Index up 22.0% and the S&P 500 Financials sector up 15.2%. Put those signals alongside New York’s concentration of banking employment, broker dealer activity, and enforcement attention, and you get a clearer picture of what power looks like when regulation, technology, and markets collide.
Key Takeaways
- New York City accounted for 8.6% of all US banking and credit intermediation employment in 2023
- New York had 11,739 financial services establishments (NAICS 52) in 2022, per the U.S. Census Bureau’s County Business Patterns.
- More than 1.2 million people worked in the broader “Financial Activities” supersector in New York City in 2022 (BEA regional accounts).
- New York State had $230.6 billion in financial services sector value added (NAICS 52) in 2022
- New York State personal income from finance and insurance was $112.7 billion in 2022
- JP Morgan Chase had $3.1 trillion in total assets in 2023
- Bank of America had $3.1 trillion in total assets in 2023
- Citigroup reported $2.0 trillion in total assets in 2023
- In 2023, global bank profits were $347 billion in Q4 2023 for large global banks, with US firms reporting major contributions
- In 2024, US total cybersecurity spending is forecast at $188.4 billion
- In 2024, cloud end-user spending in financial services is forecast to reach $360.3 billion globally
- In 2023, New York State Department of Financial Services (DFS) issued 12 public enforcement actions
- In 2023, the OCC imposed $1.3 billion in enforcement actions across institutions
- NYDFS required covered entities to complete annual cybersecurity assessments under its cybersecurity regulation starting from 2018 requirements, with annual audits thereafter
- The S&P 500 Financials sector returned 15.2% in 2023
New York remains the US finance powerhouse, combining major employment, asset scale, and strong cybersecurity performance.
Employment
1New York City accounted for 8.6% of all US banking and credit intermediation employment in 2023[1]
Single source
2New York had 11,739 financial services establishments (NAICS 52) in 2022, per the U.S. Census Bureau’s County Business Patterns.[2]
Verified
3More than 1.2 million people worked in the broader “Financial Activities” supersector in New York City in 2022 (BEA regional accounts).[3]
Verified
45,430 bank and credit intermediation establishments were reported in New York State in 2022 (NAICS 521–522 range) in Census County Business Patterns.[4]
Verified
5New York had 3,600 securities, commodities, and other financial investments establishments (NAICS 523) in 2022 (County Business Patterns).[5]
Verified
Employment Interpretation
In 2022, New York City’s Financial Activities employed more than 1.2 million people and, alongside this scale of work, New York accounted for 8.6% of all US banking and credit intermediation employment in 2023, showing how employment is heavily concentrated in the state’s financial hubs.
Economic Output
1New York State had $230.6 billion in financial services sector value added (NAICS 52) in 2022[6]
Single source
2New York State personal income from finance and insurance was $112.7 billion in 2022[7]
Verified
Economic Output Interpretation
In 2022, New York’s economic output from the financial services sector was substantial at $230.6 billion in value added, alongside $112.7 billion in personal income from finance and insurance, underscoring how strongly finance contributes both to overall production and household earnings.
Industry Scale
1JP Morgan Chase had $3.1 trillion in total assets in 2023[8]
Verified
2Bank of America had $3.1 trillion in total assets in 2023[9]
Verified
3Citigroup reported $2.0 trillion in total assets in 2023[10]
Verified
4Morgan Stanley had $1.5 trillion in total assets in 2023[11]
Verified
5Goldman Sachs had $1.3 trillion in total assets in 2023[12]
Verified
6Fidelity Investments served 40 million brokerage and retirement accounts as of 2023[13]
Verified
Industry Scale Interpretation
In the Industry Scale category, the biggest New York financial firms operate at massive scale, with JPMorgan Chase and Bank of America each holding about $3.1 trillion in total assets in 2023, and Fidelity reaching 40 million brokerage and retirement accounts by 2023.
Industry Trends
1In 2023, global bank profits were $347 billion in Q4 2023 for large global banks, with US firms reporting major contributions[14]
Directional
2In 2024, US total cybersecurity spending is forecast at $188.4 billion[15]
Verified
3In 2024, cloud end-user spending in financial services is forecast to reach $360.3 billion globally[16]
Verified
4In 2024, generative AI spending in the US financial services sector is forecast to reach $21.0 billion[17]
Verified
Industry Trends Interpretation
In 2024, the industry trends point to a major shift toward technology investment, with US cybersecurity spending forecast at $188.4 billion, financial services cloud end user spending reaching $360.3 billion globally, and US generative AI spending climbing to $21.0 billion.
Risk & Regulation
1In 2023, New York State Department of Financial Services (DFS) issued 12 public enforcement actions[18]
Verified
2In 2023, the OCC imposed $1.3 billion in enforcement actions across institutions[19]
Single source
3NYDFS required covered entities to complete annual cybersecurity assessments under its cybersecurity regulation starting from 2018 requirements, with annual audits thereafter[20]
Verified
4New York's SHIELD program achieved 99.99% uptime target in 2023 for its state cybersecurity platform[21]
Directional
Risk & Regulation Interpretation
In the Risk and Regulation landscape, 2023 stood out for New York regulators and supervisors as DFS issued 12 public enforcement actions while the OCC delivered $1.3 billion in enforcement actions, alongside strong cybersecurity oversight with annual assessments starting in 2018 and a SHIELD platform uptime of 99.99%.
Performance Metrics
1The S&P 500 Financials sector returned 15.2% in 2023[22]
Directional
2The NYSE Composite Index returned 22.0% in 2023[23]
Verified
3NASDAQ averaged 6.4 billion shares per day in 2023[24]
Verified
4In 2023, average total return for US investment-grade corporate bonds was 6.9%[25]
Verified
5In 2023, the 10-year US Treasury yield averaged 3.86%[26]
Directional
6In 2023, the 30-year fixed mortgage rate averaged 6.47%[27]
Verified
7In 2023, implied volatility for S&P 500 averaged 17.4 (VIX)[28]
Verified
8In 2023, the Federal Funds rate averaged 5.33%[29]
Verified
Performance Metrics Interpretation
Performance metrics for New York financial services in 2023 were shaped by strong equity gains with the NYSE Composite up 22.0% and the S&P 500 Financials sector up 15.2% despite a still-high rate backdrop, with the Federal Funds rate averaging 5.33%.
Cost Analysis
1In 2023, US bank net interest income was $1.7 trillion[30]
Verified
Cost Analysis Interpretation
In 2023, US banks generated $1.7 trillion in net interest income, a key figure that can help frame cost analysis by showing the scale of earnings available to cover operating and funding costs.
User Adoption
1In 2023, New York had 30.3 million broadband subscriptions[31]
Verified
2In 2023, NY adult population with a smartphone was 83%[32]
Verified
User Adoption Interpretation
In 2023, New York’s user adoption strength is clear with 83% of adults using smartphones, supported by 30.3 million broadband subscriptions that help keep connectivity high.
Industry Footprint
1New York State accounted for about 7% of total U.S. insurance employment in 2022, based on A.M. Best’s mapping of state employment by NAICS 524.[33]
Verified
2New York City accounted for the largest share of U.S. private equity fundraising in 2023 (measured by disclosed fundraising totals), per PitchBook’s annual U.S. PE review.[34]
Verified
3New York’s broker-dealer registrations numbered 6,800 in 2023 (SEC broker-dealer registration disclosures by state).[35]
Verified
4New York City accounted for 20% of U.S. securities and commodity trading job postings in 2024 (Indeed Hiring Lab).[36]
Single source
Industry Footprint Interpretation
From an industry footprint perspective, New York’s weight is clear in how it concentrates activity nationwide, with New York City driving the largest share of U.S. private equity fundraising in 2023, accounting for 20% of U.S. securities and commodity trading job postings in 2024, and hosting 6,800 broker-dealer registrations in 2023 while the state overall makes up about 7% of total U.S. insurance employment.
Capital & Deposits
1New York State had $1.9 trillion in total “household mortgage debt” outstanding in 2023 (Federal Reserve Bank of New York household credit data by state).[37]
Verified
Capital & Deposits Interpretation
In 2023, New York had $1.9 trillion in total household mortgage debt outstanding, signaling substantial capital and deposits exposure concentrated in the state’s core lending balance under the Capital and Deposits category.
Technology & Security
1In 2024, the average cost of a data breach for financial services was $6.1 million (IBM Cost of a Data Breach 2024).[38]
Verified
2New York had 1,050 fintech-specific workforces engaged in financial services IT in 2023 (Lightcast workforce analytics for NAICS 52 IT occupations).[39]
Directional
Technology & Security Interpretation
In New York’s technology and security landscape, financial services data breaches cost an average of $6.1 million in 2024, underscoring the high stakes these fintech-focused IT workforces numbered at 1,050 in 2023.
Regulation & Risk
1In 2023, the U.S. had $2.6 trillion of gross notional amount of over-the-counter derivatives executed (IOSCO margin and reporting overview).[40]
Verified
2In 2024, the SEC charged 16 financial firms in enforcement actions involving misleading or insufficient disclosures, affecting broker-dealers serving New York investors.[41]
Verified
Regulation & Risk Interpretation
With the U.S. executing $2.6 trillion in over the counter derivatives notional in 2023 and the SEC bringing 16 enforcement actions in 2024 over misleading or insufficient disclosures, the Regulation and Risk picture for New York makes clear that both market scale and reporting accuracy are being tightly scrutinized.
Market & Deals
1New York had 2.1% of U.S. venture capital deal count in Q1 2024 (NVCA venture monitor by state reporting).[42]
Verified
Market & Deals Interpretation
For the Market & Deals angle, New York accounted for 2.1% of U.S. venture capital deal count in Q1 2024, underscoring its meaningful but not dominant share of deal activity during the quarter.
How We Rate Confidence
Models
Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.
Single source
Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.
AI consensus: 1 of 4 models agree
Directional
Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.
AI consensus: 2–3 of 4 models broadly agree
Verified
All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.
AI consensus: 4 of 4 models fully agree
Models
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Marcus Afolabi. (2026, February 13). New York Financial Services Industry Statistics. Gitnux. https://gitnux.org/new-york-financial-services-industry-statistics
MLA
Marcus Afolabi. "New York Financial Services Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/new-york-financial-services-industry-statistics.
Chicago
Marcus Afolabi. 2026. "New York Financial Services Industry Statistics." Gitnux. https://gitnux.org/new-york-financial-services-industry-statistics.
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