PAYMENT SOLUTIONS
NEW YORK
Despite the rather more glitzy and sunny Los Angeles snapping at its heels , New York – and most notably , Wall Street – remains the global financial leader of the world ’ s banking hubs .
Home to the Federal Reserve Bank of New York in addition to 154 investment banks , the New York Stock Exchange is also the world ’ s biggest stock exchange in terms of market capitalisation . The diverse cultural melting pot of New York means it has long attracted the world ’ s biggest banks , including Merril Lynch , Morgan Stanley , Goldman Sachs and JP Morgan Chase .
Over the years , New York ’ s location has also played a part in its banking success . Although Philadelphia was originally the banking capital of North America , New York overtook the city because of its strong commercial trade ; this was largely due to the completion of the Erie Canal in 1825 .
As New York became the gateway to the US , it attracted a dense concentration of public and private banks , as well as trading and insurance companies . Today , the banking fraternity is firmly embedded in the financial district , and the New York City metro area contains over 200 banks alone .
But perhaps the most important factor is the presence of the Federal Reserve Bank of New York . While the city is home to 12 US federal reserve banks , New York ’ s Federal Reserve bank is by far the largest ( by assets ), the most active ( by volume ), and the most influential of the Reserve Banks . It also acts as the market agent of the Federal Reserve System , because it houses the Open Market Trading Desk and manages System Open Market Account , which is the sole fiscal agent of the US Department of the Treasury , the bearer of the Treasury ' s General Account , and the keeper of the world ' s largest gold storage reserve .
Biggest global banks in New York
• JP Morgan Chase & Co
• Citigroup Inc
• Goldman Sachs
• Morgan Stanley
• PHILADELPHIA WAS THE ORIGINAL BANKING CAPITAL OF THE US UNTIL NEW YORK OVERTOOK IT IN THE 19TH CENTURY