Central New York Banking & Financial Services

Central Upstate New York is host to companies that employ over 23,000 local residents within the financial services industry comprised of a wide variety of banking, credit unions, insurance carriers, securities and other investments, as well as funds and trusts. The region has a long and successful heritage of supporting financial services companies. Several local firms were established back in the mid-19th century and are still thriving along with back office and processing centers for major companies such as the Bank of America, Bank of New York, Metropolitan Insurance, Chase Manhattan, Aetna Life and Casualty, Hartford Financial Group, Nationwide Mutual Insurance, Kemper National Insurance and JP Morgan Chase. There are also a number of small to mid-size insurance and benefits companies headquartered within the region such as the POMCO Group, Utica National Mutual and Utica First Insurance.

Based on feedback from local employers, the success of financial services companies in the region is derived from the competitive cost of highly productive labor, the low cost of real estate and a secure area while still having accessibility to major population and financial centers in Boston, Hartford, New York City and Philadelphia. The area also has excellent private and public colleges and universities such as Syracuse University, Cornell University, Colgate University, and the State Universities at Oswego and Cortland. In addition there are several very strong two-year colleges serving the region.

(Text taken from a recent study by Moran, Stahl & Boyer on the financial services industry in the region.)

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