The world’s great financial institutions have headquarters in NYC, giving the Big Apple the distinction of being the world’s financial center. Now the fast-paced technological surge is giving the City a new designation: tech capital of the world.
As four tech platform leaders – Amazon, Apple, Google, and Facebook – plan to collectively employ 20,000 tech workers in their New York City offices in 2020, some are calling this the golden age of NYC tech employment.
With the growth of these major tech firms, they will become the largest private tenants in New York. In 2011, New York City’s government under mayor (and now presidential candidate) Michael Bloomberg (himself a fintech entrepreneur), acknowledged the growing significance of technology in the city’s future. Ultimately, the goal was to transform New York City into the world’s tech capital, an ambitious goal that has now been met.
Bloomberg says that JPMorgan has long been the largest employer in the New York metro area. But the trend shows big banks and money managers moving offices and employees out of New York to cheaper U.S. cities. As financial institutions replace employees with technology, entrepreneurial “fintech” companies are settling and growing in the city. Tech:NYC, an advocacy group for the New York technology community, reports that 10 percent of the nation’s developers are located in New York City. New York has the most computer-science graduates, at more than 7,500 annually. It is home to nearly 100 academic institutions, a dominant position over San Francisco’s 25 and London’s 40.