Florida is fast becoming Wall Street for both U.S. and international banking companies. Today, there are 141 Florida-based commercial banks that have assets in excess of $140 billion and 18 international conglomerates that have their headquarters in Florida.
To succeed, it is no longer necessary that you have high-end business operations in New York or Chicago. Florida is a strong resource for the industry, and it can be ignored from Jacksonville to Miami.
Banks are moving away from high-cost financial centers to more business-friendly locations as part of the nearshoring trend on Wall Street.
This practice has been used by Citigroup, Deutsche Bank, Bank of America and Banco Santander International to establish substantial operations in Florida.
Sunshine State has been a bridge for businesses to Latin America and the Caribbean with a highly-skilled and young workforce who understand the culture, attractive quality of life, and supportive local governments that support and encourage new business growth.
“In Florida, it’s the access to these resources that make the difference,”Hernan Mayol, Chairman of the Florida International Bankers Association is a non-profit organization that provides extensive support to the global financial service industry.
“When banks need lawyers and accountants with targeted expertise, the infrastructure is here. We don’t have to be in New York or Chicago for these resources. Florida has built them from the ground up through our state’s excellent higher education facilities and training programs.”
Mayol believes in the mantra too. “if you build it, they will come,”Florida is alive and well.
They’re coming. The state’s transformation is driven by millennials, which are an important factor in its appeal to the banking industry. Mayol states that Florida’s young workforce wants to live in areas with better convenience, a higher quality of life, lower cost of living, entertainment options, and greater flexibility in their work schedules.
Anthony Glenn, the head of Macquarie Group’s Jacksonville office, is in agreement. Macquarie Group is an Australian-based global provider for financial, advisory and funds management services.
Macquarie has spent more than $3million in their downtown Jacksonville office. Modern space, open floor plan and state-of the-art technology are all part of this office.
“The main thing we’ve looked for is the talent pool to pull from and expandable growth,” Glenn says. “Plus, the local government is very supportive and understands the market. Florida provides for a positive change from more traditional financial markets, and it has been a rewarding investment.”
Glenn said he plans to create 100 jobs in the first fiscal year and that he will continue to grow in Jacksonville.
“The first year has been a success. It’s not just about delivery: it’s about collaboration, diversity and balance — qualities and a lifestyle one doesn’t have to travel north to experience.”
Visit this site for more information on banking in Florida. www.enterpriseflorida.com.
