US Export Plan - Sector Report - Financial and BS

Opportunity states

The opportunity states for financial and business services companies will depend to an extent on the subsectors they are operating in. One key driver may be the relevance of the largest financial clusters, and the access to deep capital markets and global networks they offer. The locations of major fund management mandates may also be relevant, particularly where states have significant public pension funds where international asset managers can secure institutional contracts. Opportunities for long-term partnerships may also be key, given the US tradition of public-private collaboration and the growing role of regional banks and private credit. While there are the globally renowned hubs, sales in the financial services sector, particularly in emerging subsectors, are increasingly focusing in wider regions as well, and there is a trend in some areas towards regional hubs to maximise cost efficiency, operational effectiveness, revenue potential, and access to talent.

California is a key US financial hub, driven by Silicon Valley’s ecosystem (including in fintech alongside its well-known investor community) and Los Angeles’ strong presence in real estate finance and venture capital. California’s financial services are closely tied to its tech sector, making it a hub for digital payments, blockchain and startup financing. There is also a sizeable, and wealthy, population for B2C companies. California is also one of the most influential sustainable finance markets in the US, driven heavily by state‑mandated climate disclosures, investor expectations, and a rapidly expanding ecosystem of sustainable products and services.

New York is a central focus for the sector. Home to Wall Street, the New York Stock Exchange, and NASDAQ, it dominates capital markets and is regarded as the world’s leading financial centre. It stands out in the traditional banking sector, and has strong specialisms in investment banking, asset management, hedge funds, and private equity. In 2022, the financial services sector comprised 29.2% of the state's total output, and professional and business services contributed $245 billion to New York's GDP in the same year.^[39]

Florida has developed a strong and growing financial sector, with Miami sometimes referred to as “Wall Street South,” due to a large migration of financial firms and workers from New York City. More than 60 international banks operate in Miami, making it the largest concentration of international banking in the US outside of New York City.^[40], and there are also clusters of fintech firms, and investment companies there now as well.

Illinois, centred around activity in Chicago, is a global centre for commodities trading and derivatives, hosting the Chicago Mercantile Exchange and Chicago Board Options Exchange. Its specialties include futures, options, risk management and insurance, with Illinois overall serving global markets in financial risk products. There is also a strong academic presence.

Texas has rapidly emerged as one of the US’ major financial hubs, with Dallas–Fort Worth becoming the second‑largest US financial hub after New York City, with its high concentration of financial firms, exchange infrastructure, and corporate headquarters. The growth has often occurred through relocation of national headquarters or expansion of regional operations, e.g. Goldman Sachs is building a $500M Dallas campus with approximately 5,000 employees. Texas is the only state outside New York to host the New York Stock Exchange (NYSE Texas) operations, have Nasdaq regional headquarters, as well as a homegrown national exchange, the Texas Stock Exchange (TXSE), launching in 2026.^[41]

Other notable opportunity states include:

Massachusetts, and particularly Boston, is a leading hub for asset management and mutual funds, with firms like Fidelity and State Street headquartered there. The state more widely has a strong concentration of institutional investors and retirement fund managers. It also boasts some of the world’s best universities, and significant technical and technological strengths.

Connecticut has one of the strongest insurance sectors in the world and Hartford is sometimes referred to as the “Insurance Capital of the World”. Hartford’s insurance roots date back to the 18th century, and has gained its reputation as a global insurance hub through its strategic location and thriving trade economy.^[42] Hartford is home to more than 100 insurance companies, including major names like Aetna, The Hartford, Travelers, and Cigna, with insurance and financial services together driving 22% of Connecticut’s gross state product, emphasising the sector’s economic importance.^[43]