Which cities will become the next financial hub?
The United States has been at the forefront of financial innovation in the past half-century.
The first major bank in the country, Bank of America, opened in 1928, and in the 1950s and 1960s, the Federal Reserve and other government agencies began offering credit to banks.
But the United States never made the leap from being the global financial center of the 1970s to the dominant financial center in the mid-2000s, as China, India, Brazil, and other emerging markets did.
The growth of the U.S. economy has been largely driven by the financial services sector, which has grown at a compound annual growth rate of 10.5% over the past decade.
For years, this has been a problem for many Americans who are still struggling to get by on less than $100,000 per year.
With the economy growing at 3.2% and the unemployment rate hovering at 8.3%, many are left with little options.
To help people get through the tough times, U.K.-based brokerage firm Fidelity Investments is looking to create the next big financial hub.
“We have a lot of the ingredients that we see in other countries, where the banks have created the infrastructure for people to be able to participate in the financial system, and that’s how we’re looking to bring a financial hub to the U and help the economy,” said Paul Fishell, Fidelity’s chief operating officer.
The new financial hub will be located in New York City and will be staffed by financial advisers and other financial professionals.
The company is looking for people with expertise in retail banking, commercial real estate, mortgages, and financial planning, Fishel said.
Fidelity also wants to hire more financial advisors.
“If we can get people to come to the city to do what we’re doing and make a real difference in their lives, it will help the financial service sector grow and provide a financial outlet for the rest of the country,” Fisheim said.
The city has the potential to become a hub for the financial industry and also attract international investors.
The U.N. is currently discussing a proposal to open a financial center that could bring in $20 billion in new investment annually.
Fishe said the new hub would also be a great place to help expand the U’s ability to deal with a global pandemic.
“When the global pandemics start, that will create a lot more jobs for our workers,” Fhashell said.
A lot of people don’t want to go back to the time when you were unemployed for six months and didn’t have access to the things you need, he said.
But as the financial sector grows and becomes more important to the global economy, people who can help out, Fhashel said, should.
“People will look for opportunities to help other people, to invest in the economy, and it will be a positive development for everybody,” Fisk said.