Beyond simply crunching numbers, San Diego's financial services industry is powering a dynamic and equitable economic engine, where robust employment, competitive wages surpassing the county average, and a growing workforce led by women and diverse talent are fueling everything from established banking and insurance to a surging fintech scene.
Key Takeaways
- In 2022, San Diego's financial services sector employed 48,500 workers, accounting for 4.5% of the county's total employment with a 2.1% year-over-year growth.
- As of Q4 2023, average annual wages in San Diego's finance and insurance industry reached $112,340, 45% above the county average.
- Women comprised 52.3% of the financial services workforce in San Diego County in 2021, up from 49.8% in 2018.
- San Diego financial services contributed $18.7 billion to GDP in 2022, 6.8% of county total.
- Finance and insurance establishments generated $12.4 billion in revenue in San Diego 2023.
- Tax contributions from San Diego financial sector totaled $2.1 billion in FY2022.
- San Diego had 2,450 financial services establishments in 2022, up 4% from 2017.
- Insurance agencies and brokerages numbered 1,120 in San Diego County 2023.
- Commercial banks operating in San Diego totaled 68 in 2023.
- Revenue of largest San Diego bank: $2.1 billion in 2023.
- Average assets per San Diego credit union: $1.2 billion in 2023.
- San Diego insurance firms average profit margin: 8.7% in 2022.
- San Diego financial services sector grew 5.2% annually 2018-2023.
- Fintech patents filed by San Diego firms: 340 in 2023.
- VC funding to San Diego finance startups: $1.45 billion in 2023.
San Diego's robust financial services industry offers high wages and strong job growth.
Business Establishments
- San Diego had 2,450 financial services establishments in 2022, up 4% from 2017.
- Insurance agencies and brokerages numbered 1,120 in San Diego County 2023.
- Commercial banks operating in San Diego totaled 68 in 2023.
- Fintech startups in San Diego financial cluster: 210 as of 2024.
- Investment advisory firms: 890 in San Diego metro 2022.
- Credit unions headquartered or branching in San Diego: 42 in 2023.
- Securities brokerage firms: 320 in San Diego 2022.
- Captive finance companies: 15 major ones in San Diego 2023.
- Mortgage lenders establishments: 450 in San Diego County 2022.
- Wealth management firms: 210 boutique firms in San Diego 2023.
- Fintech accelerators hosted 35 cohort companies in 2023 San Diego.
- Pension fund administrators: 28 in San Diego metro 2022.
- Online-only banks with San Diego presence: 12 in 2023.
- Reinsurance firms offices: 18 in San Diego 2022.
- Payment processing companies: 75 HQs/branches in San Diego 2023.
- Family offices managing assets in San Diego: 45 in 2022.
- Blockchain finance firms: 22 startups in San Diego 2023.
- San Diego finance establishments per capita: 0.24 per 1,000 residents 2022.
- Top 10 banks control 65% of San Diego financial establishments 2023.
Business Establishments Interpretation
San Diego's financial scene is a surprisingly robust ecosystem where everyone, from the 68 banks anchoring the high street to the 210 scrappy fintechs chasing them, is vying for a piece of the pie, though the ten biggest players still hold most of the plates.
Economic Contribution
- San Diego financial services contributed $18.7 billion to GDP in 2022, 6.8% of county total.
- Finance and insurance establishments generated $12.4 billion in revenue in San Diego 2023.
- Tax contributions from San Diego financial sector totaled $2.1 billion in FY2022.
- Multiplier effect of financial services spending was 1.85 in San Diego economy 2022.
- San Diego's financial exports (services) reached $1.2 billion in 2023.
- Property tax from financial firms in San Diego was $450 million in 2022.
- Financial services drove 15% of San Diego's business services output in 2023.
- Venture capital return on financial tech in San Diego averaged 3.2x in 2022.
- San Diego finance sector payroll taxes contributed $1.8 billion in 2023.
- Economic output per financial services employee in San Diego was $385,000 in 2022.
- Financial services accounted for 22% of downtown San Diego office space leasing in 2023.
- Insurance premiums written in San Diego totaled $9.8 billion in 2022.
- Banking deposits in San Diego institutions hit $145 billion in Q4 2023.
- Financial services tourism impact (conferences) added $120 million to San Diego 2023.
- ROI on public incentives for finance jobs was 4.7:1 in San Diego 2022.
- San Diego financial firms paid $8.2 billion in compensation in 2023.
- Value added by securities industry in San Diego was $4.1 billion 2022.
- Financial services reduced county unemployment by 0.4% indirectly in 2023.
- Corporate income tax from finance in San Diego: $650 million FY2023.
Economic Contribution Interpretation
San Diego's financial sector isn't just counting beans—it's planting them, proving its $18.7 billion GDP contribution is merely the seed money for a garden of taxes, jobs, and economic spin-offs that make the entire county richer.
Employment and Workforce
- In 2022, San Diego's financial services sector employed 48,500 workers, accounting for 4.5% of the county's total employment with a 2.1% year-over-year growth.
- As of Q4 2023, average annual wages in San Diego's finance and insurance industry reached $112,340, 45% above the county average.
- Women comprised 52.3% of the financial services workforce in San Diego County in 2021, up from 49.8% in 2018.
- San Diego's securities, commodities, and investments sector had 12,400 employees in 2022, with a concentration 1.8 times the national average.
- The insurance carriers and related activities subsector in San Diego employed 15,200 people in 2023, growing 3.4% annually.
- Financial services jobs in San Diego saw 1,200 new hires in Q1 2024, driven by fintech startups.
- Hispanic or Latino workers made up 28.7% of San Diego's financial services employment in 2022.
- Banking and credit intermediation employed 8,900 in San Diego County as of 2023, stable post-pandemic.
- Entry-level financial analysts in San Diego numbered 2,100 in 2022, with median wage $68,500.
- San Diego's fund, trust, and investment management sector had 4,500 employees in 2021.
- Remote work adoption in San Diego financial services reached 32% of workforce in 2023.
- Veterans represented 7.2% of financial services employees in San Diego in 2022.
- Financial services unemployment rate in San Diego was 2.8% in 2023, below national 3.7%.
- Over-55 workers comprised 24.6% of San Diego's financial sector in 2022.
- Fintech-specific roles in San Diego grew to 3,800 jobs by 2023.
- Nondepository credit intermediation employed 2,300 in San Diego 2022.
- STEM-educated workers were 41% of San Diego financial services staff in 2023.
- Part-time financial services workers in San Diego totaled 4,200 in 2022.
- Union membership in San Diego finance was 1.5% in 2023.
- Financial managers in San Diego numbered 5,600 with $178,900 mean wage in 2023.
Employment and Workforce Interpretation
San Diego’s financial sector, while modest in size, punches well above its weight, offering high-wage, growing, and increasingly diverse job opportunities that are surprisingly concentrated in securities and fintech, yet remain stubbornly resistant to both unions and the office.
Financial Performance
- Revenue of largest San Diego bank: $2.1 billion in 2023.
- Average assets per San Diego credit union: $1.2 billion in 2023.
- San Diego insurance firms average profit margin: 8.7% in 2022.
- Investment firms AUM in San Diego: $450 billion total 2023.
- Fintech revenue growth: 28% YoY to $3.4 billion in San Diego 2023.
- Mortgage origination volume: $25 billion by San Diego lenders 2022.
- Securities trading volume by San Diego brokers: $1.7 trillion 2023.
- Average ROE for San Diego banks: 11.2% in Q4 2023.
- Wealth management fees collected: $1.8 billion in San Diego 2022.
- Payment processors transaction fees: $890 million in San Diego 2023.
- Insurance claims payouts: $6.5 billion by San Diego carriers 2022.
- Venture debt issued to San Diego finance startups: $210 million 2023.
- Net interest margin for San Diego banks: 3.45% average 2023.
- Hedge fund assets under management in San Diego: $12 billion 2022.
- Credit card portfolio size: $8.9 billion for local issuers 2023.
- EBITDA for top San Diego fintech: $145 million in 2023.
- Loan loss provisions: 0.8% of portfolio for San Diego banks 2022.
- Annuity sales revenue: $2.3 billion in San Diego 2023.
Financial Performance Interpretation
San Diego’s financial sector may prefer flip-flops over wingtips, but with credit unions packing over a billion in assets on average, fintech revenue soaring 28%, and investment firms steering a colossal $450 billion, it’s clear this beach town is also a serious capital port where the only thing growing faster than venture debt might be the fees from all that securities trading.
Innovation and Growth
- San Diego financial services sector grew 5.2% annually 2018-2023.
- Fintech patents filed by San Diego firms: 340 in 2023.
- VC funding to San Diego finance startups: $1.45 billion in 2023.
- Number of fintech unicorns from San Diego: 2 as of 2024.
- Blockchain initiatives in San Diego finance: 15 pilots launched 2023.
- AI adoption rate in San Diego banks: 67% by 2023.
- Digital wallet transactions grew 42% YoY in San Diego 2023.
- Regtech startups founded: 28 in San Diego since 2020.
- Open banking APIs implemented by 45% of San Diego firms 2023.
- Sustainable finance investments: $890 million raised 2023.
- Robo-advisor users in San Diego: 120,000 active in 2023.
- Embedded finance partnerships: 50 new in San Diego 2023.
- Cybersecurity investments by finance sector: $340 million 2022.
- DeFi platforms launched from San Diego: 8 in 2023.
- Insurtech funding: $210 million to San Diego startups 2023.
- Projected growth to 2028: 7.1% CAGR for San Diego finance.
- Neobank downloads from San Diego apps: 2.5 million 2023.
- Quantum computing pilots in finance: 3 in San Diego 2023.
- NFT marketplace volume by local platforms: $45 million 2022.
- ESG reporting compliance: 92% of San Diego firms by 2024.
- San Diego finance sector employment projected +12,000 by 2030.
Innovation and Growth Interpretation
San Diego's financial sector isn't just growing; it's furiously innovating, stuffing every new dollar with AI, blockchain, and sustainable ambition, while prudently keeping the whole show secure and compliant.
Sources & References
- Reference 1BLSbls.govVisit source
- Reference 2DATAdata.bls.govVisit source
- Reference 3EDDedd.ca.govVisit source
- Reference 4DATAdata.edd.ca.govVisit source
- Reference 5SANDIEGOREGIONALsandiegoregional.comVisit source
- Reference 6CENSUScensus.govVisit source
- Reference 7SANDIEGOBUSINESSsandiegobusiness.orgVisit source
- Reference 8VAva.govVisit source
- Reference 9FREDfred.stlouisfed.orgVisit source
- Reference 10SANDIEGOREGIONALEDCsandiegoregionaledc.comVisit source
- Reference 11NCSESncses.nsf.govVisit source
- Reference 12BEAbea.govVisit source
- Reference 13SANDIEGOCOUNTYsandiegocounty.govVisit source
- Reference 14IMPLANimplan.comVisit source
- Reference 15TRADEtrade.govVisit source
- Reference 16CBINSIGHTScbinsights.comVisit source
- Reference 17IRSirs.govVisit source
- Reference 18COLLIERScolliers.comVisit source
- Reference 19CICcic.naic.orgVisit source
- Reference 20FFIECffiec.govVisit source
- Reference 21SANDIEGOsandiego.orgVisit source
- Reference 22IMFimf.orgVisit source
- Reference 23FTBftb.ca.govVisit source
- Reference 24IBISWORLDibisworld.comVisit source
- Reference 25ADVISERINFOadviserinfo.sec.govVisit source
- Reference 26NCUAncua.govVisit source
- Reference 27FINRAfinra.orgVisit source
- Reference 28NMLSCONSUMERACCESSnmlsconsumeraccess.orgVisit source
- Reference 29FAMILYWEALTHREPORTfamilywealthreport.comVisit source
- Reference 30SDFINTECHsdfintech.orgVisit source
- Reference 31DOLdol.govVisit source
- Reference 32FDICfdic.govVisit source
- Reference 33NAICnaic.orgVisit source
- Reference 34VISAvisa.comVisit source
- Reference 35FAMILYOFFICEfamilyoffice.comVisit source
- Reference 36CRUNCHBASEcrunchbase.comVisit source
- Reference 37DATAdata.census.govVisit source
- Reference 38SANDIEGOBUSINESSJOURNALsandiegobusinessjournal.comVisit source
- Reference 39SDBJsdbj.comVisit source
- Reference 40PIONLINEpionline.comVisit source
- Reference 41STATISTAstatista.comVisit source
- Reference 42MBAmba.orgVisit source
- Reference 43SIFMAsifma.orgVisit source
- Reference 44SPGLOBALspglobal.comVisit source
- Reference 45CERULLIcerulli.comVisit source
- Reference 46NILSONREPORTnilsonreport.comVisit source
- Reference 47CDFIcdfi.ca.govVisit source
- Reference 48PITCHBOOKpitchbook.comVisit source
- Reference 49HFRhfr.comVisit source
- Reference 50FEDERALRESERVEfederalreserve.govVisit source
- Reference 51OCCocc.govVisit source
- Reference 52LIMRAlimra.comVisit source
- Reference 53USPTOuspto.govVisit source
- Reference 54SDBITsdbit.comVisit source
- Reference 55DELOITTEdeloitte.comVisit source
- Reference 56FINTECHFUTURESfintechfutures.comVisit source
- Reference 57MCKINSEYmckinsey.comVisit source
- Reference 58ISC2isc2.orgVisit source
- Reference 59DEFILLAMAdefillama.comVisit source
- Reference 60INSURTECHINSIGHTSinsurtechinsights.comVisit source
- Reference 61SENSORTOWERsensortower.comVisit source
- Reference 62QUANTUMquantum.govVisit source
- Reference 63NONFUNGIBLEnonfungible.comVisit source
- Reference 64SASBsasb.orgVisit source
- Reference 65PROJECTIONSCENTRALprojectionscentral.orgVisit source