US Export Plan - Sector Report - Financial and BS

Exporting to the US

The US financial services market is vast and dynamic, and the market is expected to grow at a CAGR of 7.47% between 2026 and 2035^[10]. This makes it a critical export destination for internationally minded Scottish financial and business services companies to achieve scale and grow in a key economy. The US remains the largest and most integrated financial services economy worldwide. In 2023, the finance and insurance sector represented 7.3% of US GDP, employing 6.7m employees by mid-2025.^[11] In 2023, Financial and Business Services was Scotland’s largest export to the US at £1.6 billion, 24.6% of the total value.^[12]

The US is a significant importer of financial and business services from international providers. Total services imports across all sectors were $840.9 billion in 2024. This scale of demand highlights the US appetite for international expertise in a range of service areas, including in finance, areas such as asset management, insurance, fintech, and data-driven financial solutions.

The largest suppliers of financial services to the US are typically advanced economies with strong banking, asset management, and insurance sectors. Key countries include the UK, Canada, Switzerland, and Germany. UK-wide data shows that the US accounted for 34% of UK financial services exports in their latest reported year. The ONS suggests UK total services exports to the US were $116 bn in 2022. 28% of this was financial services, while ‘other business services’ accounted for 46%. The figures are captured differently on the US side, where according to US International Trade Commission (USITC) data, the UK was the leading supplier of financial services to the US in 2022, exporting $23.5 billion worth of services and capturing a 20% share of total imports in the sector. This data also suggests the UK exported $20 billion in professional services, representing a 12% share of the US market. In comparison, the EU as a whole exported $14.4 billion in financial services, accounting for a 12.3% share, though it significantly outpaced the UK in professional services, with exports valued at $42 billion.^[13]

The US also attracts significant foreign direct investment in the finance and insurance sector, amounting to $573.8 billion in 2023, evidencing its global appeal, and the amount of international capital that is deployed in the US.^[14]

Bilateral investment to underpin cross border activity in the sector is mirrored in Scotland, where large-scale global US-headquartered financial companies have established major presences. BlackRock, for example, has operated in Edinburgh for over 25 years and continues to expand its footprint. Other firms such as State Street, Morgan Stanley, and JP Morgan Chase have also invested heavily in technology and operational centres in Edinburgh and Glasgow, reinforcing Scotland’s role as a European hub for financial services while also cementing ties to the US financial services market.^[15]

The focus for exporters to the US will vary depending on the potential customer base, but in many areas exporters of services will need to have boots on the ground reasonably soon in their export journey to sell and deliver their services. The main financial centres are common entry points in the sector. New York is the world’s number one financial centre, while San Francisco, Chicago, and Los Angeles are all also in the global top 10, with Washington DC and Boston in the top 20.^[16]

Where engagement is driven by access to talent, as well as the financial and business hubs, university ecosystems and the associated talent pipeline can be attractive. Cities like Boston, Chicago, and Seattle stand out in this regard due to institutions such as Harvard, MIT, the University of Chicago, and the University of Washington which are recognised as target schools for finance and banking recruitment, feeding skilled graduates into the sector.