Financial Services
A leading U.S. financial services sector invested in stability and growth.
Industries
Establishing operations in Northeast Ohio makes good financial sense.
With one of the nation’s largest financial services sectors, a 100-plus-year industry legacy, a Federal Reserve Bank, more than 60,000 financial services professionals, and 18 higher education institutions with finance and business programs, the Northeast Ohio Region is well equipped to support financial business success.
On top of a strong financial business ecosystem, finance companies that establish operations in the Northeast Ohio Region benefit from operating and wage costs that are a fraction of other top markets, low risk of disruptive natural disasters, plus access to Ohio’s 44,000 annual financial services graduates.
Northeast Ohio offers emerging opportunities in cybersecurity, data management, process management, credential management, decentralized finance, and more, making the region well poised to support the future of the industry.
Download our resource guide and learn more about the Financial Services industry within the Northeast Ohio Region.
A robust, highly trained workforce + low business costs = successful financial operations
The Northeast Ohio Region’s impressive financial sector and workforce, paired with low rental and wage costs, makes it a sound option for businesses in the financial sector.
5th largest
5th largest financial sector in the U.S.
5th
5th in number of Fortune 500 & 1000 companies in the U.S.
1/2 of new york
1⁄2 of New York City’s wage cost
1/4 of new york
1⁄4 of New York City’s commercial rental cost
60,000+
60,000+ financial service professionals
Success Story: Rocket Mortgage
Rocket Mortgage (Quicken Loans), America’s largest mortgage lender and creator of the first fully digital mortgage experience, recently completed an expansion project in downtown Cleveland. The project
adds 630 new jobs and $47.3 million in payroll to the area – on top of the company’s existing Northeast Ohio-based workforce of 700-plus.
Rocket Mortgage considered several cities before expanding in Cleveland. Mike Malloy, Chief Amazement Officer for Rocket Mortgage told Crain’s Cleveland Business “The core of … the growth of any city is good-paying jobs that allow its citizens the opportunity for success. And the city of Cleveland and the state of Ohio are very committed to that.”
The expansion is providing careers – primarily for mortgage bankers – representing tens of millions of dollars in payroll. Rocket Mortgage is also dedicated to facilitating training and upskilling for employees looking to further their careers.
Top 10 Financial Services Employers in Northeast Ohio
| Company | Employees |
|---|---|
| Progressive Corp. | 12,849 |
| KeyCorp | 5,648 |
| Huntington National Bank | 3,593 |
| Medical Mutual of Ohio | 2,342 |
| Westfield | 1,612 |
| UnitedHealthcare | 1,300 |
| JPMorgan Chase & Co. | 1,039 |
| Federal Reserve Bank of Cleveland | 939 |
| Third Federal Savings and Loan | 827 |
| Citizens Bank | 559 |
Top 10 Financial Services Occupations in Northeast Ohio
| Occupation | Employed in Industry |
|---|---|
| Tellers | 5,398 |
| Securities, Commodities, and Financial Services Sales Agents | 5,346 |
| Customer Service Representatives | 4,742 |
| Personal Financial Advisors | 3,199 |
| Loan Officers | 2,995 |
| Insurance Sales Agents | 2,352 |
| Claims Adjusters, Examiners, and Investigators | 2,111 |
| Loan Interviewers and Clerks | 2,048 |
| Financial Managers | 1,919 |
| Insurance Claims and Policy Processing Clerks | 1,849 |
